Small Business Loans – The Basics
When you’re running a small business, there may well come a time when you want to invest more in a certain project to see that it continues to thrive. One way to do this is with a small business loan.
At Lloyds TSB Commercial, we have a range of business banking products and services that could help you whether you need extra financial support or are looking to expand the scope of your business. If you choose to take out a loan with us, you can repay over a term of up to 25 years and borrow from as little as £1,000.
Our fixed and variable payments are designed to suit your cashflow and if your needs are more complex, we may have an alternative that’s right for you. You can contact us on 0800 056 0048 between 8am and 8pm Monday to Friday and 9am to 1pm on Saturday to speak with one of our advisors.
There may be short-term lending issues that arise, for example if you are waiting for specific payments to clear or need to pay out for overheads. By arranging an overdraft on your business bank account, you can make sure those extra funds are there should you need them. You can borrow an amount to suit you and will only need to pay interest on the funds you use.
A business debit card or charge card might also be a good idea if you or your employees need access to cash for expenses. With a debit card, you’ll be giving staff the freedom to arrange meetings, pay for business lunches and organise transport, while being able to keep a close eye on the transactions being made. A charge card will offer you the same facility for a yearly fee of £28. Lending is subject to status.
If it’s a small business loan for a longer-term investment in the future of your business, or assistance with the day-to-day expenses, Lloyds TSB Commercial can help. If you want to find out more about our products and services, or read about our commitment to supporting small businesses in the UK, visit our website.
Any property given as security which may include your home, may be repossessed if you do not keep up repayments on your mortgage or other debts secured on it. All lending is subject to a satisfactory credit assessment and we will need your permission to carry out a credit check on you and your business.
You should not apply for an amount that you cannot comfortably afford to repay now and in the future to avoid the possibility of legal action.
This business advice article published in association with Lloyds TSB.
Whether you are looking to start-up a business account or want to move your existing business account Lloyds TSB can offer you all the Business Banking support you need
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