Small Business Loan

At Capalona we are committed to helping companies like yours find the best loans for their businesses. To be eligible, you must have been actively trading for at least six months and have a minimum monthly turnover of £5,000. Unsecured loans of up to £250,000 are available to businesses in Northern Ireland and Scotland. It offers a free and easy way to find different funding options, focusing on making things simple for business owners who don’t have much time on their hands. You could have a six-month repayment holiday6before you start repaying your loan, with the option of a further repayment holiday for up to 12 months during the loan term7. We are a licensed credit broker and do not provide finance ourselves.

Asset finance can be used to get equipment, machinery and vehicles without upfront costs. Typically, the lender will be paying for the asset and you’ll pay a recurring fee for a set period in order to use the asset. This is a loan which is backed by a firm’s expected cash flow and can be either short or long-term. Those who want a loan of over £25,000 will have a tailored rate depending on their loan rate and a maximum 1.75pc arrangement fee. Base rate, as its name suggests, relies on the Bank of England base rate which is somewhat more precarious.

If you’re experiencing such complications, it’s worth knowing that banks aren’t your only option. Many alternative finance companies and non-bank lenders specialise in providing SME loans to business owners of small companies. Small business loan rates and fees will vary significantly depending on the lender and type of funding product they offer. The rates can also be affected by your business activity, such as performance, industry sector and credit history. Check out our rundown of the best business bank accounts open to UK SMEs. With the rapid growth of female entrepreneurs in the UK, there is access to a range of for women who require working capital.

These loans are unsecured and don’t rely on your business securing assets against the loan. The cost of borrowing – While small business loans have low-interest rates, the cost of which still needs repaying as well as the original loan amount. Trying to keep the repayment terms as short as possible will help keep these costs to a minimum.

We’ll need to see certain identification documents and financial statements when you apply. We’ll try to give you a full decision within a few days but sometimes, we may need a little more information from you. We’ll need to see certain documents and financial statements when you apply.

Nucleus also provides property finance , business cash advance, invoice finance, asset-based lending and construction finance. With these, you borrow a sum upfront and you pay back a pre-agreed amount which is taken straight out of your card takings, so repayment is more flexible. Unsecured loans don’t have a guarantor or asset making them riskier for lenders.

However, they are offering assistance to existing loan customers. Each provider will have their own eligibility criteria but generally you and your business should be UK-based, you need to be over 18 and not in the process of bankruptcy. Optimise your cashflow with bespoke asset finance – provided by our partner Propel12. Our loans aren’t available for all industries and are subject to normal lending assessment, status and application.

Unfortunately, loans are notoriously complicated, riddled with complex terms and teeny tiny small print. Let us demystify the process and show you some of the best small business loans around. It shows you the broad range of funding options that are available to businesses across the UK and Ireland. After assessing your needs, it matches you with the right solution from over 1000 providers. In many cases, we can let you know upfront whether you’re likely to get the business lending you want – with no impact on your credit rating. If you already have a business account with us, you can log in to see any business lending limits you have.

From what you need the funding for, to your ability to make repayments, there is no single funding product that can categorically be described as ‘the best’. They’ll either be in the form of unsecured loans or an alternative form of finance which is more flexible. Here are the three other types of lending mentioned in the table below.