A business Loan can be used for many purposes, including start-up cost, expansion of existing business and venture capital.
An unsecured business loan is available up to £5,000 and is generally used for small asset purchase, e.g. tools. The business must demonstrate they have no suitable assets which might be used as security for the loan.
A secured business loan can be used to purchase assets of a larger value, e.g. car, plant and machinery, equipment and property, or for the construction of new buildings.
For more details on what is required for a business loan/overdraft application please download the ‘Application Guide’ below.
Upon receiving an application and all documentation required, an in depth analysis is undertaken on the business proposal. This process is likely to take 4-6 weeks (20-30 working days) depending on:
A loan application may be declined for a variety of reasons. The Bank reserves the right to refuse or approve loans at its sole discretion, without the requirement to provide a reason for doing so.
A successful applicant will be notified by telephone, email or letter.
If your application is successful, you are required to pay an administration fee to the Bank for work carried out on your application. See the table below for the relevant admin and cancellation fees.
|Up to £5,000||Application Fee||£20|
|£5,001 - £30,000||Application Fee||£25|
|£30,001 - £75,000||Application Fee||£25|
|Administration Fee||0.185% of Loan Amount|
|£75,001 - £150,000||Application Fee||£30|
|Administration Fee||0.3% of Loan Amount|
|Over £150,000||Application Fee||£35|
|Administration Fee||0.5% of Loan Amount|