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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.
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 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.
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.
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 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.
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.
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.
Access a lump-sum of funding upfront for a fixed cost and then repay when your customers pay you.
Boost your spending power, track employee spending and enjoy perks and rewards with a business credit card.
If you are a Barclays Premier customer, you can get a discounted rate on your personal loan. We cover how it works, if it’s worth it and how to apply.
Barclays’ existing customers in need of some extra financial support for their personal projects can apply for this fee-free unsecured personal loan.
Considering a Barclays personal loan? Use our calculator to work out how much you’ll pay back. Plus, you can see whether Barclays’ rivals offer a cheaper deal.
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