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Lloyds Bank Small Business Loans
Lloyds Bank Small Business Loans
Total to pay back   1,009.33
Monthly payments   1,009.33
Representative APR   11.2%

11.2% APR (fixed) representative based on an assumed unsecured loan amount of £8,000 with 60 monthly repayments of £172.55 at an annual interest rate of 10.65% (fixed). Total amount payable £10,353.00.

Do I Qualify?

 

  • Must require the loan for business use
  • Must apply for a minimum of £1,000
  • Must be a sole trader, partner or director with authority to borrow on behalf of your business
  • Must be aged 18 or over.

Important Information:

 

  • Borrow an amount that suits your needs
    Borrow between £1,000 and £50,000 with a secured or unsecured loan
  • Choose your repayment terms
    Flexible repayment terms between 1-25 years
  • Simple pricing
    11.2% APR (variable or fixed) representative*
    No arrangement fees
  • Flexibility when you need it
    No early repayment costs
Natwest Small Business Loan
Natwest Small Business Loan
Total to pay back   1,244.88
Monthly payments   29.64
Representative APR   13.52%

12.57% APR (fixed) representative based on an assumed unsecured loan amount of £10,000 with 60 monthly repayments of £888.02 at an annual interest rate of 11.90% (fixed). Total amount payable £10,656.24.

Do I Qualify?

 

  • Must be at least aged 18 or over
  • Must be a director of the business 
  • Not been declared bankrupt or received a County Court Judgement (CCJ) or Court Decree
  • Must hold a Business Current Account with any provider

Important Information:

 

  • Apply in just 10 minutes, using your Online Banking details for a personalised experience. If approved, you could have the money within 24 hours
  • Borrow from £1,000 to £100,000, subject to approval
  • No set-up fees and no early repayment or early closure fees
  • A fixed interest rate, so your repayments stay the same throughout the loan
  • Loan terms from 1 to 7 years. Up to 10 years may be available on request, subject to credit status
  • The rate you pay depends on your personal circumstances – the amount you want to borrow, the loan term, and your status

How it works

Finding the best bank loan to suit your business can be challenging, so we've made it a bit simpler; follow these four steps:

Compare business loans Icon Compare business loans

First decide how much capital your business needs and for how long you want to pay it back. Then, click the “update” button to update your options.

Decide on what matters Icon Decide on what matters

Decide what loan options matter the most, for example, APR or total monthly payments. Then be sure to use the toggle arrows at the top of the table to re-order your results.

Visit the lender's site Icon Visit the lender's site

Once you think you have the best business loan, visit the lender's site. Check eligibility requirements the terms and documentation your business may need to provide.

Apply Icon Apply

Before applying, ensure you are satisfied with the lender's requirements and that your business can afford the loan repayments. If your business loan application is approved, cash will be transferred to the selected account.



Some lenders may ask you to provide a personal guarantee, making you responsible for payments should your business not make repayments. Always check your business can afford the monthly repayments before applying, and seek financial or legal advice from a professional if in doubt.

What is a business loan? 

A business loan is a loan designed to provide cash to businesses rather than individuals. Depending on eligibility, a business can borrow between £1,000 and £3 million, and pay it back over a time period of up to 15 years.

Types of business loan
There are many types of business loan available, and the type of loan that’s right for your business will depend on your requirements. The options to explore include:

Government-backed business loans for startups

Secured business loans

Unsecured business loans

Short-term business loans

Medium to long-term business loans

Peer to peer business loans

Acceptance criteria for a business loan

This will depend on the type of business and the loan option you need. However, lenders will require some form of credit check to be undertaken on both the applicants and the business, so make sure that your business accounts are filed on time. For limited companies, many business loan lenders will require a director's guarantee, a legal guarantee that you will pay back the loan yourself if your business cannot do so. Check out our FAQs to find out more.

Pros and cons of business loans

A benefit of choosing a business loan is that it could provide the cash needed to help your business grow or expand. You will also choose the amount your business needs and how long to make repayments. If you meet the lender criteria and accept your application, the money should be in your business account relatively quickly.

If you are an owner or director, your personal credit history can affect the interest rate you will be able to get - or even if you will be accepted at all. There is also a direct risk to you, and your partners should your business not repay. Or a lender may require an asset or that insurance is taken out against the death of you or other partners to ensure the loan is paid off if needed.

Alternatives to business loans

There are alternatives available, including business credit cards, business overdrafts, government schemes, crowdfunding and funding through investors. It is a good idea to explore all options and risks before applying.

What do I need to look out for with a business loan? -

Business loans come in all shapes and sizes, small business loans allow you to borrow smaller amounts and then larger loans that allow you to lend over a million pounds. The loan you are offered is depends on several factors, such as the loan provider, the amount you want to borrow and your business’s finances. The lenders view of financial risk within your businesses and sector, as well as other risk factors, will have an impact on the interest rate of your business loan, as well as the amount they may be willing to offer as a loan.

How much you want to borrow can make a difference to the type of loan you are offered - whether unsecured or secured. There are different lending and options, including direct from a bank, a specialist lender, or even a peer-to-peer loan service.

Who can apply for a business loan? +

Whether you are accepted will depend on several factors and requirements. Some lenders require your business to have been trading for a minimum number of years; the business may need a minimal level of revenue, strong trading figures and revenue. Other lenders may look for potential assets as security and how you intend to use the funds they provide.

It's very likely your (and other business partners') financial details will also be reviewed, including your credit score, credit history, current debt and more.

Who can apply for a government start up loan? +

You can apply for a government start up loan if you are 18 or older, live in the UK, have yet to start trading (or started trading less than 24 months ago), and will be selling in the UK.

How long do I need to wait for my business loan approval? +

This depends on the lender, and your unique circumstances. A lender will perform a thorough check of the business and your personal finances, which will take time to complete - having your financials and documentation, such as bank statements and tax returns, can speed up the decision process. Once approved, the loan money can be in the account in days.

Business Loans FAQs