Small Business Loan

We offer low-interest personal loans and free mentoring to help you start or grow a new business. Purpose – To know how your planned borrowing fits in with your plans and discuss your finance options. Sometimes situations change and you need to borrow a little bit extra in addition to what you have already borrowed. Topping up your loan at its most basic level is simply borrowing additional money, and all lenders approach it differently. It can be intimidating trying to understand what you need in order to have an “acceptable” credit history – but remember that most lenders will not deny you a loan for no reason. If you have any concerns, it’s important that you reach out to your proposed lender before you apply for the loan – they will be able to give you more specific advice.

In other words, you could be offered a higher rate of interest than what’s advertised. Company credit cards give you access to capital while helping you to improve your business credit score . A bridging loan is a type of short-term business finance designed to get you A to B by ‘bridging a gap’ in your firm’s finance while you secure longer-term funding. Large sums of money will typically be secured, whereas lower amounts can be unsecured, and it’s not uncommon for unsecured loans to have higher interest rates.

And, in many instances, decisions can be made in a matter of days, if not sooner; some lenders offer same-day decisions. Small business loans are a perfect way for an SME to get an invaluable cash injection. This will allow you to have all the information necessary to make a successful loan application and take the first step towards the next stage of your business growth. A merchant cash advance differs from a small business loan in how it’s repaid. You’ll still get a lump sum at the beginning to invest in your small business, but repayments will be taken daily as a percentage of your business’ monthly credit/debit card sales.

Launched in 2009, the Donut websites have grown to be the UK’s largest resource for small businesses. Learn more about key start-up topics such as business ideas, business planning, and sales and marketing. Some banks offer low interest rates, depending on your credit score.

When a representative APR is promoted, it means that over half of people who’ve taken out a loan of a particular size from a lender have been given this rate. The interest rate you’re offered won’t necessarily be the same as the representative APR. You are able to use another provider to manage your business banking while retaining your business loan with us. Start Up Donut provides practical information to help your business succeed.

As well as the usual high street institutions, there are many newer, more flexible lenders out there today who may be able to better facilitate your business finance needs. This rate will vary based on your business’ circumstances and between different lenders, based on their risk appetite and the perceived level of risk involved in lending to your business. You should have your financial documents ready to present – namely bank statements, filed accounts, receipts and invoices, etc. Anything to give your lender a picture of your business’ recent and current financial health.

Get your website and social media in shape as the people assessing your business loan may be looking at them too. Nick Green is a financial journalist writing for, the site that has helped over 10 million people find financial, business and legal advice. Nick has been writing professionally on money and business topics for over 15 years, and has previously written for leading accountancy firms PKF and BDO. If your application is successful, you can secure a contract of up to £1 million across a period of up to three years.

You are able to switch your Business Current Account to another provider while retaining your business loan with us. In some circumstances you will be required to open a fee-free loan servicing account. A director, partner or member’s guarantee is a personal guarantee that confirms that you will be liable for the company’s debt. If you cannot meet the debt, we might seek additional security to settle that debt. Apply for a government-backed Start Up Loan of £500 to £25,000 to start or grow your business.

You can put the money towards new premises, or refurbishing your current one. Hiring new staff, or providing further training for any current staff is also an option. Small business loans can also see you through periods of financial difficulty, and keep your business buoyant when cash flow is limited.