Growth Street is a lender that claims to have matched more than £175m of investors’ funds with growing businesses. Read on to learn more about the business loans available.
Growth Street offers UK businesses an alternative to traditional bank overdrafts, having spotted a need for businesses to get more flexibility when managing cash flow.
Growth Street’s finance product GrowthLine is similar to an overdraft. You get a spending limit and can withdraw cash and make repayments when you wish during any particular month. But you will only pay for the money you use, so if your balance is at £0 for the month, you won’t pay anything for that period.
Managing your cash flow can be a drain on time and energy. You could be managing your company’s seasonal cycles or trying to work out the timings of invoice payments against your staff’s wages. GrowthLine may help – it allows you to have a source of cash available for the inevitable hiccups that come with being in business.
Key features of GrowthLine
- Loan duration. GrowthLine functions as a rolling overdraft and doesn’t really have a set duration. You pay as much as you want until the balance is cleared and then nothing again until you take out more money.
- Security. Growth Street may require security when signing you up for the finance plan. Your home may be used as an asset for a secured loan and could be repossessed in the event of you not being able to make your payments.
- Fixed monthly repayments. Your monthly payments won’t be fixed. You can pay as much as you like or a pre-agreed minimum amount.
- Option to take a repayment holiday. This is not explicitly stated on the website so you’ll need to ask the lender.
- Quick decision. Once you’ve made an application, you should receive a decision within 24 hours.
- Repay your loan early at any time. Growth Street has no early repayment charges.
- Quick access to funds. This is not explicitly stated on the website so you’ll need to ask.
- Set-up fees. Growth Street doesn’t offer this information on its site so you’ll need to ask.
- Preferential rates for existing customers. This isn’t a bank, so it doesn’t apply.
Am I eligible for GrowthLine?
You should only apply for a GrowthLine plan if you’re certain you can meet the repayment terms. Your company must meet these criteria:
- Able to provide the name and number registered at Companies House
- Able to provide filed company accounts, a recent bank statement, and 15 months of management accounts
- Has a clean credit rating
How can I apply?
To apply for GrowthLine, call Growth Street on 0808 178 8751, Monday to Friday, 9am-6pm. Alternatively you can sign up via the website
Frequently asked questions