Barclays business loans review 2021

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.

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Barclays business loans comparison

Name Product Loan type Loan amounts Loan terms Turnover/trading criteria
Barclays Unsecured Business Loan
Fixed rate unsecured loan
£1,000 to £25,000
1 year to 10 years
No specified minimum turnover or time trading
Representative example: Borrow £25,000 over 5 years at a rate of 7.7% p.a. (fixed). Representative APR 7.7% and total payable £30,014.40 in monthly repayments of £500.24.

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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.

  • Loan durations. Between 1 and 10 years for Small Business Loans, and 1 and 20 years for Medium Business Loans.
  • Security. Small Business Loans are unsecured but Medium Business Loans are secured. You can use any type of asset to cover your payments in the event you’re not able to make them. If you use your home, this could result in it being repossessed.
  • Fixed interest rates. These are available for both Small Business Loans and Medium Business Loans. Medium Business Loans also come with the option of variable interest rates.
  • Option to take a repayment holiday. This is available with Medium Business Loans. But you will still be accruing interest during this period so please take that into account.
  • Quick decision. If you apply online for a Small Business Loan, you will receive a decision within a few days.
  • Quick access to funds. Once you’re approved for a Small Business Loan, the money will be in your account within 24 hours. Once you’re accepted for a Medium Business Loan, the money will be in your account within 48 hours.

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:

  • The amount you want to borrow
  • Personal information for the key officials
  • Information on all of your business debts
  • Annual turnover for the past year (if you are an established business)
  • Your company’s annual sales forecasted turnover (if you are a new start-up)
  • Your net profit for the past trading year (if you are an established business)
  • Details about how you’re planning to use the loan

Personal criteria that you must meet:

  • UK resident for at least three years
  • Over 18 years old
  • You must hold a good credit rating without a history of county court judgment or bankruptcy

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

Existing Barclays customers
0333 202 7445
New Barclays customers
0345 605 2345

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Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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