Find the finance you need for your small business with our range of small business loans. Compare rates and repayment periods and find the right loan for your company.
Looking through a range of options gives you more chance of securing a great deal. You'll only find results from genuine companies. Our data experts check each company before we add them to our comparisons.
1
Prepare a business plan
Decide why you are comparing deals for business loans and why you want to borrow the money. Work out how much you need to borrow and how long you'd need to repay. Once you have decided on a small business loan find the cheapest small business loan deal by comparing a number of companies.
2
Compare your options
Have a look through the options to find the best small business loan for your business needs. Terms and repayments can vary between providers so check any conditions attached to the loan then pick a deal that offers the cheapest small business loan for your business.
3
Apply and save
You may be able to get a cheaper business loan by applying online and some lenders and brokers only ever operate digitally, so to make sure you find the best small business loan deals comparing quotes on the internet is a must. Once you've decided on the provider you want, simply apply.
Small business loans are exactly what they sound like - they're cash loans for small businesses.
As with any kind of loan, to get one of these small business loans, you'll have to meet the lender's criteria. This varies between lenders, but typically your business must not employ more than 50 people, or have an annual turnover of more than £150,000.
You can use small business loans for most business expenses, including:
Employee wages
Rent for your work premises
Equipment
Marketing
Training
Recruitment
Stock.
Use the comparison above to check the loan amounts each lender can offer. However, the amount you could get depends on your business' income and acceptance relies on passing a credit check.
If you need a cash injection for your small business, you might be looking into how to get a small business loan. It's not hard to apply and is quick to do online. It doesn't take long to get the money put into your business bank account either.
Remember that to apply for any small business loans, you don't need a large turnover. You also don't need to have been up and running for a specific amount of time.
Before you can compare the cost of small business loans, you need to check:
That lenders can offer the loan amount you need
What is the representative Annual Percentage Rate (APR) that each lender offers
The term each lender lets you borrow over (so, how long it'll take to pay it back).
When you've got a shortlist of lenders, you can work out which small business loans will be the cheapest and most suitable for your business.
It doesn't matter what kind of small business you have, it shouldn't affect your chances of getting a small business loan.
Here are some examples of what you could get:
small home business loans
pub business loans
retail business loans
loans for beauty salons/salon business loans
and loans for all kinds of other businesses.
It can be a helpful way to boost your cashflow, grow your business or manage a period of uncertainty.
The amount you pay for small business loans depends on several factors. These include:
The amount you borrow
The term you choose to repay the loan
The APR you get when you apply.
You'll get a fixed APR for the duration of your small business loan. This'll be confirmed you go through a credit check as part of your small business loan application.
The higher the APR, the more interest you'll pay. Look at a range of small business loans to find the lowest possible APR for the amount you want to borrow. This'll cut the amount of interest you need to pay.
Some lenders have loan calculators on their site to give you an idea of your loan repayments.
Yes, but if you need small business funding for a start up you may need to apply for a start up business loan instead.
This loan type helps companies with limited trading experience apply for cash.
The government has introduced financial support for businesses as a result of the pandemic. These include:
Bounce Back Loan Scheme. This allows smaller businesses to borrow £2,000-£50,000, interest free for the first 12 months. These loans are 100% government-backed. You can find out more about the Bounce Back Loan Scheme here.
Coronavirus Business Interruption Loan Scheme - This allows larger businesses to borrow from £50,001 up to £5 million. These loans are 80% government-backed. You can read more about the Coronavirus Business Interruption Loan Scheme here.
If you want to take your business to the next level but don’t have the funds to do so, you could consider getting a business loan.
Find out how to get a business loanWith the right type of borrowing you could pursue business opportunities that would otherwise pass you by, here's how.
Read more on borrowing for your businessIf you need funds to help your business grow or expand, a business loan could offer the solution you need. Here is how they work and how to get the right loan for your business.
More on how business loans workComparing business loans could save you money. Our multiple award-winning comparison service makes sure you get the lowest rates possible based on your individual circumstances. Our aim is to provide you with the most up-to-date information, as well as useful tools and calculators so to help you make life's most important decisions and take control of your money.
Our full guide to sacking the boss and starting out on your own - from finding a unique business idea, to getting the money to fund it all the way through to secrets and tips from people who've made it themselves.
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Last updated: 15 February, 2022
