A small business loan is a financial product designed to assist small businesses with needs like startup costs, expansion, equipment purchase, or cash flow management.

Businesses can usually borrow up to £100,000 and repay it, along with interest, in regular installments agreed upon with the lender.

Typically, these loans are unsecured and are repaid within a 24-month period.

Before searching for a small business loan, it’s good to assess your financial needs and credit score, then collect any financial information that will help with your loan application, such as bank statements and financial accounts. Research and compare various lenders, including banks and online platforms, to identify favorable terms and rates. Consider consulting a broker for additional guidance and assistance in the process.

The amount you can borrow depends on your business’s financials. Generally, small businesses can borrow up to £100,000, though the specific amount may vary based on factors like revenue and creditworthiness.

Small businesses registered in the UK, either as private or limited companies, are eligible to apply for small business loans. Businesses typically need to have been operating for at least a year and have a minimum monthly turnover of £15,000.