Whatever the size and turnover of your business, financial powerhouse Bank of Scotland could have a funding solution to suit your needs.
Bank of Scotland is a direct lender, not a broker. Bank of Scotland is a member of the Lloyds Banking Group which includes Halifax, Lloyds Bank, Scottish Widows as well as other subsidiaries. The group has a strong nationwide presence; it has the largest network of branches in the UK and serves over 30 million customers.
Whether you’re just starting a business or you run a multinational company, Bank of Scotland could help with a fast and transparent business loan. It’s quick and straightforward to apply.
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Bank of Scotland loan options
Bank of Scotland offers several types of business loans, depending on the turnover of your business.
For small businesses (turnover of £0 to £3 million):
For medium-sized businesses (turnover of £3 million to £25 million):
Key features of a Bank of Scotland business loan
The interest rate you are offered will depend on factors like the amount you want to borrow, the loan term, the performance of your business and its credit rating. This may differ from the advertised “Representative APR”.
What is APR?If you’re comparing any credit-based products, it won’t be long before you’ll come across the annual percentage rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both the interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of the loan.
All lenders must calculate the APR of their products in the same way, and they must tell you the APR before you sign an agreement, so for consumers, it can be a handy tool for comparison.
Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the “representative” APR.
Am I eligible for a Bank of Scotland business loan?
You should only apply for a Bank of Scotland business loan if you’re certain you can meet the repayment terms. You must also:
How can I apply?
You can get a quote for a business loan on the Bank of Scotland website without affecting your credit rating.
Once you have provisional approval, you can formally apply by calling the customer helpline. Bank of Scotland is likely to ask you for the following information:
- How much you want to borrow.
- How long you would like to borrow for.
- Why you want to borrow.
- How you will repay your loan.
Information about your business
- A profile of your business, the owner and/or management team including experience, expertise and track record.
- How much you and/or the management team have got personally invested in the business.
- Where the assets being offered as security are located, together with details of the assets, including an accurate estimate of their value (professional valuations will be required in some instances).
- Whether you have any other borrowing commitments.
Depending on your borrowing request, Bank of Scotland may also ask you to provide:
Frequently asked questions