There are more than enough financial business loan banks and companies in the UK that any ambitious entrepreneur can find one willing to lend them the money they need.
However, not all of these companies are of equal value, and you should make sure you do your research before choosing which bank or company to go with.
Here are 10 of the best financial business loan banks and companies in the UK; use them as your guide when deciding where to apply for your next business loan.
Skipton Building Society
The Skipton Building Society has a range of loan products available to businesses, all backed by a guarantee.
The company also offers business loans through RBS and NatWest, meaning that you can try something else if you’re unsatisfied with one of its products.
Skipton is an award-winning lender for personal customers as well as small businesses, so it knows what it takes to make both happy.
Loans from Skipton start at £2,000 for new businesses or companies looking to expand their operations. Once approved, these funds can be accessed within 48 hours via an electronic transfer or cheque.
First established in 2012, Aldermore Bank is a UK-based lender that provides business loans and banking services to small-to-medium-sized enterprises. It offers more than 12 different financing programs across various sectors.
The company has recently partnered with firms like ProfitLine and Shawbrook Bank to provide additional products and services for businesses seeking financing.
Aldermore offers financial services to small and medium-sized businesses in retail, business savings, asset and invoice finance, and commercial and residential mortgages.
The bank has experience in asset, invoice, SME commercial, buy-to-let, and residential mortgages. Its lending activity is largely funded by the money it receives from the businesses and individuals who put their money in.
Unlike other banks, Aldermore does not have branches but services customers online, over the phone, and face to face in its regional offices. Aldermore was also the first bank to provide this service and publishes its customer feedback on its website without editing.
Bank of England
The Bank of England is a public organization whose main objective is to ensure price stability.
The bank offers a range of banking services for private customers, businesses and other financial institutions. It also provides payment services, clearing and settlement facilities in pounds sterling for its account holders. Advances are often taken as loans by companies with strong credit ratings or asset collateral
One of Britain’s largest retailers, Tesco is a recognised and trusted brand. If you want to start a business, and don’t have a large amount of cash saved, Tesco Bank has got your back. StartUp Loan is an unsecured loan that can be used for any purpose including business startup costs or funding working capital.
There are no restrictions on how you spend it, but only loans up to £25,000 are available. It’s easy to apply, too; all you need is your business idea and two guarantors (with good credit ratings) willing to sign as additional financial backers.
The bank specializes in lending to businesses, with many of its offerings geared toward smaller companies looking for loans of up to £100,000. Shawbrook Bank operates under strict UK banking regulations, so it’s an ideal lender for entrepreneurs looking to get a loan.
The company maintains a higher than average score on KredX’s Financial Health RatingTM metric—which means that it offers better interest rates than some competitors and has a more secure financial position.
However, Shawbrook is not open to everyone: You must have been trading for at least three months before applying, and you must show you have enough funds (either as collateral or cash) to cover any business costs while you wait for your loan to be approved.
Goldman Sachs International
Established in 1869, Goldman Sachs International is a subsidiary of American multinational financial services company Goldman Sachs.
It provides international financial services to corporations, governments and institutions worldwide and has offices in London, Frankfurt, Madrid, Tokyo and Hong Kong. As of 2015, it employs approximately 2,800 people.
Most of these are based at its European headquarters at 200 West Street in London. The firm offers corporate finance advisory work across various sectors, including banking, finance and capital markets.
Its clients include major corporates, blue-chip companies, financial institutions, and public sector bodies. It also offers strategic advice on mergers and acquisitions (M&A), divestitures, restructurings and corporate governance issues, and general management consulting for private equity firms.
HSBC is one of Britain’s largest retail banks and was founded in 1979. It offers various financial services and products, including lending, deposit accounts, credit cards, insurance and mortgages. The lender has 9 million customers and over 30 million clients worldwide.
HSBC is based in London and has offices in around 80 countries. It employs a large number of staff globally – around 240,000 people across various disciplines. The bank has been operating for over 150 years and has an estimated value of £80 billion. In 2017, it reported pre-tax profits of £13 billion ($16 billion).
The largest bank in England, Barclays Bank, was established in 1690 and is currently headquartered in London. Barclay’s has a market cap of USD 112.7 billion and has been on Fortune’s Global 500 list since it was created in 1999. In 2014, Forbes named Barclays one of its top 25 most reputable companies due to its excellent customer service, high reliability and ethical business practices.
HSBC Holdings plc is an international banking group based in London that serves over 37 million customers worldwide through four global businesses: Retail Banking and Wealth Management; Commercial Banking; Global Banking and Markets; and Corporate Banking and Securities Services.
Santander UK plc
Santander UK plc. is one of Great Britain’s largest lenders and financial services companies, with more than 50 million customers worldwide. In addition to commercial and personal loans, it also provides investment banking, insurance and wealth management services.
The company has a headquarters in London and regional offices around England. Its main business segments are consumer banking, small business, corporate & institutional banking and international.
Newcastle Building Society
The Newcastle Building Society offers various services, including savings accounts and loans. The building society lends both to consumers and businesses, with personal loans generally easier to come by than business ones.
It’s also worth noting that some small businesses will have an easier time obtaining a loan from a cooperative lender like The Co-operative Bank or Nationwide Business Finance as opposed to Newcastle BS.
The below are also other banks and companies that offer loans services, in the UK, you can as well still consider.
An established name in financial services and currently operating over 600 branches across Britain, Lloyds is one of today’s top business loans UK. The company also serves international markets, with outlets located in other parts of Europe and North America. With its history dating back to 1765, Lloyds has been delivering financial products for over 225 years. Home to some 20 million customers worldwide, Lloyds specializes in mortgages and insurance (including travel insurance), as well as business loans the UK.
Its services include commercial mortgages, home loans, small business finance and overseas property. Its products are designed to suit big and small businesses of all kinds. Providing companies in England and Wales with financial products, including business loans, mortgages, credit cards, insurance (including travel insurance), savings and current accounts. Business loans can be used for any purpose, although you’ll need to provide a reason for needing additional capital.
With a UK market share of around 17%, you won’t be surprised to hear that NatWest is one of Britain’s largest banks. With an extensive network of high street branches, online banking services and partnerships with numerous other companies, NatWest provides customers with many opportunities to manage their money.
The bank offers business loan options for all kinds of businesses and offers loans for many different purposes. If you’re looking for a business loan in 2019, plenty of significant financial institutions offer funding solutions to help your small or medium-sized enterprise grow.
The UK’s largest bank by market share, Santander has a wide range of business banking products, including many designed specifically for small businesses. Its products include working capital loans and overdrafts, asset finance such as loans against cars and equipment, corporate cards and personal cash cards. While applying for a loan can take longer than with other banks due to stringent checks on your credit history, applications are often approved quicker than average.
You could say that in today’s day and age, there is no doubt that we all need some sort of financial help from time to time when it comes to getting something we want or need. You could be looking for a loan for a car or maybe you have always wanted to start up your own company but do not have enough money at hand?
The Yorkshire Bank is a financial services provider that offers UK-based SMEs short-term loans for up to two years. The company also provides long-term loans and has attractive rates for fixed-rate loans from five to 25 years.
Because it’s regulated by UK and European authorities, your business benefits from being protected against market fluctuations. With fast decisions and simple application forms, you can be sure of securing a loan in no time at all. As well as personal accounts, you can apply for small business accounts here too.
Royal Bank of Scotland provides a wide range of business banking services and specializes in mid-market loans. It is one of Britain’s biggest lenders for corporate finance and for commercial, project and real estate financing. RBS offers secured and unsecured loans to businesses across England, Wales, Scotland and Northern Ireland, as well as to local authorities, housing associations and charities.
Its specialist divisions provide factoring, international trade finance and asset finance services. Its global markets division includes equities trading, derivatives and commodities, fixed income products and foreign exchange trading.
This peer-to-peer lending platform connects small business borrowers and individual lenders, with a particular focus on those who want to invest in small businesses that provide social benefits. The company was founded in 2010 and is based in London. Over $1 billion has been lent through Funding Circle to date.
The UK has a variety of financial institutions that can provide business loan services. There are many different reasons a business might need financial assistance, and each bank has its business loan packages designed to fit your needs. When deciding on a funding option, the best place to start is by browsing through some of these reviews.
It’s important to look at all your options before deciding where you want to apply for business financing. Your finances should be considered before choosing a particular lender or bank; not every institution will be able to help you if you have bad credit or no collateral for their loan. With that in mind, let’s take a look at some of the most reputable lenders available in Britain today:
Need funding for a business idea, project or equipment? iwoca is a financing provider that gives people access to finance regardless of their credit rating. So whether you’re looking to take your project from the prototype stage through to production or just need a little cash for your next advertising campaign, we can help. Plus, with flexible options and great rates on offer, iwoca is one of the UK’s best loan providers. Headquartered in London, iwoca offers loans ranging from £1,000 to £100,000 at competitive interest rates. With repayment terms ranging from six months to five years and no collateral required (based on trust), it provides an alternative route into finance that has helped many businesses get off the ground.
In addition to these, several financial companies specialize in business finance loans. And while they might not offer interest rates quite as low as those from a credit union or bank, if you’re looking for something short-term, these can be viable options.
For example, MarketFinance offers small business loan options between £1,000 and £500,000. They also have terms ranging from six months to five years and fixed or variable interest rates.
So if you need a longer-term option than what your local bank has on offer but don’t want to sacrifice too much in rate, MarketFinance could be an option worth exploring.