Small Business Loans Uk

You will likely have to provide relevant documents in order to be accepted by a lender, such as personal details and business information. If your application is accepted, one of our broker’s will be in touch to discuss the next stages of the application with you. Where possible, it’s a good idea to keep the loan in a separate account to your usual business account, transferring the money across as and when required. This will prevent you from spending impulsively and increase your capacity to make bigger, important investments in the future.

Some of the following may be required to help us assess affordability and your ability to make repayments. The more finance you’re applying for, the more information and documents we may need to see. If you’d like to know more, please ask your Business Manager for more details. It can be a daunting prospect but provided you have some understanding of the process, it can be done relatively simply.

Lloyds Bank plc and Lloyds Bank Corporate Markets plc are separate legal entities within the Lloyds Banking Group. Use our “Rate change calculator” to work out how a change in Bank Rate could affect your loan repayments. We are only offering the government-backed Recovery Loan Scheme to existing Lloyds Bank business customers.

Your credit rating will also determine what interest rates are available to you, which will have an impact on how much you repay. We only run soft credit checks which means applying won’t affect your credit score. But if you decide to draw down funds from us, the business loan will show up on your credit report.

This account will purely be used to facilitate your loan and will be free of any transaction charges. The personal, director or members guarantee is the only form of guarantee we’ll need.

Business loans are among the most common forms of financing available to founders looking to start a business. But the choice of whether to apply for a business loan is a major decision for every business owner, and not one to be taken lightly. To get started, you can check our guides on how to start a businessor how to buy an existing business. A Start Up Loan is a personal loan you borrow over 1-5 years at a fixed rate for business purposes. Start Up Loans lend applicants who are 18 years or older at the time of application. Individuals can receive one loan per business, however more than one partner in a business can apply for a Start Up Loan.