NatWest business loans review 2021

The high-street giant offers a wide range of unsecured and secured business finance products to cater to businesses of all shapes and sizes.

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NatWest business loans comparison

Name Product Loan type Loan amounts Loan terms Turnover/trading criteria
NatWest Fixed Rate Small Business Loan
Fixed rate unsecured loan
£1,000 to £50,000
1 year to 10 years
No specified minimum turnover or time trading
Representative example: Borrow £10,000 over 5 years at a rate of 11.53% p.a. (fixed). Representative APR 12.49% and total payable £13,295.18 in monthly repayments of £221.59.
NatWest Variable Rate Large Business Loan
Variable rate loan
From £25,001
3 months to 25 years
No specified minimum turnover or time trading
NatWest Fixed Rate Large Business Loan
Fixed rate loan
£25,001 to £10,000,000
3, 5, 7 or 10 years
No specified minimum turnover or time trading

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What is NatWest?

NatWest Bank was formed in 1968 after the merger of National Provincial Bank and Westminster Bank. The bank was acquired by The Royal Bank of Scotland Group in March 2000 in a deal that was worth £21 billion.

Natwest Bounce Back Loans

NatWest currently offers Coronavirus Bounce Back loans up to £50,000 as part of the government’s Coronavirus Bounce Back Loan Scheme. Loans are offered with a fixed rate of 2.5% p.a., with loan terms up to 6 years. You’ll also pay no interest for the first 12 months of the loan, and the government will guarantee 100% of the loan amount.

How long does it take to get a NatWest Bounce Back Loan?

After completing your online application, you should receive your NatWest Bounce Loan documents within 24 hours. Once you’ve returned these documents, you should then find out if you have been approved for a NatWest Bounce Back loan within 48 hours. If your application is approved, you’ll then receive your funds within three working days.

NatWest business loans key features

  • Loans for small and large businesses
  • Offers loans from £1,000 to £10,000,000
  • Variable and fixed rate loans
  • Currently offers coronavirus support loans

What business finance products does NatWest offer?

If you’re a fan of NatWest’s business services, you may also wish to check out Esme – a sister brand which NatWest launched in 2017 to serve as an online-only, self-service platform for SMEs.

Pros and cons of NatWest business loans

  • Available to both existing and new customers
  • Wide range of finance products available
  • High street presence
  • Repayment holiday facility
  • A personal guarantee or security will usually be required
  • During any capital repayment holidays you’ll still need to keep up interest repayments

Am I eligible for a NatWest business loan?

You should only apply for a NatWest business loan if you’re certain you can meet the repayment terms, and you meet the following criteria:

  • UK resident for at least 3 years
  • Over 18 years old
  • A good credit rating without a history of county court judgments or bankruptcy

NatWest states that these loans should not be used for personal purchases. They are strictly for the purpose of investing in your business.

You don’t need to be an existing customer, although as you might expect, loans can be approved and funded more quickly for existing customers.

NatWest business loan rates

NatWest offers both fixed rate and variable rate business loans, but the rate you receive will vary based on the type and size of your loan, and your business’ financial situation. As an accredited lender under the government’s CBILS and BBLS schemes, NatWest also currently offer small business loans with a fixed 2.5% p.a. interest rate.

How can I apply for a NatWest loan?

If you would like to take out a NatWest business loan, you can apply via the NatWest website. You’ll need to provide certain information about your company as part of your application, as well as certain business documents.

You’ll need to provide proof of the following:

  • The personal information of all of the firm’s partners, directors, members and signatories (NatWest will also require their residential addresses for the previous 3 years).
  • You’ll also need your business details, including your firm’s Companies House Registration Number if you’re a limited company.
  • Information about all of the countries your business is registered in for tax.
  • Cash flow predictions and your annual accounts.

What can’t NatWest do?

Outside of the services NatWest has to offer to growing businesses, you may also wish to consider the following finance products:

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Merchant cash advance

Get a lump sum upfront to repay in-line with volume of future sales. Compare deals and learn how business cash advances work.

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Business line of credit

Borrow only as much as you need, when you need it, then repay on terms that suit you. Compare a range of lenders.

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Our verdict

NatWest business loans are available to both new and existing customers but should be used only for investing in a business and not for personal use. No matter what the size of your business, it has a range of products to choose from.

While it does offer repayment holidays if you are struggling financially, you will still need to stay on top of interest repayments.

NatWest also offers online-only Esme, a self-service platform for SMEs.

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Frequently asked questions

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