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.
Prepare a business plan
Think about why you want to borrow the money, how much you need, and over how long you want to repay it. If you decide that a long-term loan is right for your business, look for the cheapest on the market.
Compare your options
Look through the options to find the best fit for your business needs. Check any conditions attached to the loan, then pick a deal that offers you the lowest interest rate with a term length that makes the repayments affordable.
Apply for the loan
While banks offer commercial finance options, some lenders and brokers only operate digitally. To find the best long-term loan, you need to compare quotes on the internet. Once you’ve decided on the provider, you’re ready to apply.
More from business loans
It’s exactly what you’d expect – a cash loan suitable for a small business.
As with any loan, you must meet the lender’s criteria. These vary between providers, but typically your business needs to employ no more than 50 people and have an annual turnover of less than £150,000 to qualify.
You can use small business loans for most company expenses, including:
rent for your work premises
The type of company you run shouldn’t affect your chances of getting a small business loan – home businesses, pubs, retail establishments, salons and more can all benefit. A loan is a helpful way to boost your cash flow, grow your business or manage a period of uncertainty.
Yes. That said, if you want funding for a new business, you may need to apply for a start-up loan rather than a small business loan. A start-up loan helps companies with limited trading experience apply for cash.
If you’re trying to establish a new business, a government start-up loan could be a good option. These can offer between £500 and £25,000, a fixed interest rate of 6%, payment terms of between one and five years, and are backed by the government.
Apply online – it’s a quick and easy process, and the money arrives in your account quite rapidly too. Use the comparison above to check the loan amount each lender can offer.
The amount of money available depends on your business’s income, while acceptance relies on passing a credit check. You don’t need a large turnover, however, or to have been up and running for a specific time.
Before comparing the cost of small business loans, check the following:
Do any lenders offer the amount you need?
What is each lender’s representative annual percentage rate (APR)?
How long is the term for paying back the loan?
Once you’ve got a shortlist, work out which loan is the cheapest and most suitable for your business.
The amount you pay depends on several factors, including:
How much you borrow
The term you choose
You get a fixed APR for the duration of your loan, which is confirmed when you go through the credit check as part of your application. The higher the APR, the more interest you pay. Compare a range of loans to find the lowest possible APR for the sum you want to borrow – the lower the APR, the less interest you need to pay. Some lenders have loan calculators on their sites to give you an idea of your repayments.
The representative APR is the rate a lender must offer at least 51% of applicants, which means you are not guaranteed to get the rate shown.
It depends on the lender. Each provider specifies the size your business needs to be before you can apply.
Yes. If you can’t repay your loan, it could negatively affect your or your business’s credit profile and prevent you from borrowing again.
Yes. Interest is charged whether you use the money or not, so only apply for financing if you need the cash.
We include loans available for businesses with an annual turnover of less than £1 million, directly from lenders and through brokers on our panel. Here is more information about how our website works.
We have commercial agreements with some companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra, and the deal you get is not affected.
Comparing 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.
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Last updated: 15 February, 2022