Secured – 5%
A Tourism Accommodation Business Loan provides funding to allow clients to purchase, construct or renovate a building for the provision of tourism accommodation with a minimum of eight bedrooms.
The terms and conditions of this loan facility require all applicants to operate the new construction or renovated premises as tourist accommodation for the duration of the loan. The same property must be used as collateral, along with any additional assets the Bank may require.
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|
Ascension customers can now use their Local Debit Card at the Bank in Georgetown. Local Debit Cards are available for personal and business customers. Apply today by contacting the branch on 66123.