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?
Arranged business overdraft With a NatWest overdraft there’s no minimum amount to be paid back every month and you only pay interest on the amount of money that you use. You could borrow up to £50,000 without security (subject to approval). Learn more about business banking.
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:
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.
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.
Get tailored loan quotes
Save time by checking eligibility with multiple lenders and get quotes for BBLS/CBILS and other loans.
If you’re an existing customer and use online banking, you could have access to the funds the next working day after your application has been accepted. However, if you aren’t registered for online banking or aren’t currently a customer of NatWest, you could receive the funds within two days of being accepted.
Yes. Most of NatWest’s business loans come with the option to take capital repayment holidays. You’ll still need to make interest payments during this time however.
Yes. Under this scheme, the government acts as your guarantor for 75% of your loan. This doesn’t mean your company isn’t liable (standard procedures will be undertaken by NatWest before turning to the government to recover unpaid funds) but it can help to get applications across the line.
You can do a tranche drawdown (i.e. take the loan in instalments) with the variable rate loan but not with the fixed rate loan.
NatWest assesses your eligibility on the basis of your credit history as well as those of the other business owners and directors of your company. This is the same process used by other banks when they determine whether or not someone is eligible for a loan.
Although companies have credit scores in their own right, a younger company will have a more limited credit file. In this situation, NatWest will base decisions (and potentially also interest rates) on the personal credit scores of company owners/directors.
If you or your company have a poor credit rating, you may be offered a loan with a higher rate of interest, or your application may be declined.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
Business loan statisticsBusinesses all over the UK face financial instability daily, which often requires outside funding. We have looked into how the state of borrowing for these businesses differs between the industry, over the years, and for the size of the business.
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