Barclays business loans review 2020
Barclays offers a range of business finance products, from unsecured loans through to asset finance and commercial mortgages. You don't need to be an existing customer to apply, but if your company does bank with Barclays, you'll already have a provisional lending limit.
Barclays business loans comparison
What's in this review?
- Barclays business loans comparison
- Barclays coronavirus business loans
- Barclays business loans overview
- Barcays small business loans
- Barclays Bounce Back Loans
- Barclays medium business loans
- Key features of Barclays business loans at a glance
- Barclays business loan rates
- Am I eligible for a Barclays business loan?
- How can I apply for a Barclays loan?
- How can we help?
- Frequently asked questions
Barclays business loans overview
One of the most popular banks in the UK, Barclays Bank is a fixture of international finance. It was founded in 1690 in Manchester, UK.
For small and medium-sized businesses that need financial investment to grow and scale their operations, Barclays offers a number of loans designed to help companies achieve that aim. Repayment terms can be up to 20 years, and there are options for repayment holidays, although interest will still be accrued during these periods.
Barcays small business loans
These are unsecured loans that allow you to choose your payment term. They come with fixed interest rates and the option of a six-month repayment holiday. However, interest will still be accrued during these periods. Barlcays small business loans are offered for between 1 and 10 years.
Barclays Bounce Back Loans
Barclays also currently offers small business loans of up to £50,000 as part of the Coronavirus Bounce Back Loan Scheme. If your small business has been affected by the pandemic and meets the eligibility criteria, you can apply for a loan from £2,000 to £50,000, with a fixed 2.5% p.a. rate and no interest payments for the first 12 months of the loan.
Barclays medium business loans
These secured loans allow you to choose repayment terms of up to 20 years. They also come with either fixed or variable rates of interest and the option of 12 months of interest-only repayments.
Key features of Barclays business loans at a glance
Barclays Bank business loans can be a good financial stepping stone for businesses that want to go to the next level.
Interest rates can be fixed or variable, depending on the loan. The rate you’re offered will depend on factors like the amount you apply for, the term of the loan, your credit rating and your income. It may differ from what’s advertised.
Barclays business loan rates
Barclays business loans have a representative APR of 7.9% on loans between £1,000 and £25,000. On business loans over £25,000, your APR will be provided when you apply. As one of the accredited lenders under the BBLS and CBILS schemes, Barclays also currently offers small business loans with a fixed 2.5% rate for those businesses affected by the coronavirus pandemic.
Am I eligible for a Barclays business loan?
If you choose to apply for a Barclays Bank business loan, Barclays will need to see the following:
Personal criteria that you must meet:
Barclays Bank states that these business loans must never be used for personal purposes – they’re for business development purposes only.
How can I apply for a Barclays loan?
To apply for a Small Business Loan, go to the Barclays website. Once there, you can either make an application or follow a series of steps to see if you are eligible. To apply for a Medium Business Loan, you will need to make a phone call.
Barclays business loan contact numbers
How can we help?
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Frequently asked questions
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