Lloyds Bank plc is a British retail and commercial bank with branches across England and Wales. Since its inception in 1765, Lloyds Bank has been helping households of Britain with the things that matter most to them.
About Lloyds Business Loans
Lloyds Bank offers a comprehensive range of commercial finance products. They currently offer three types of business loans, such as Base Rate, Fixed Rate and Commercial Fixed Rate.
The base rate business loan from Lloyds allows companies to borrow from £1,000 up to 25 years. With the base rate business loan, there are no arrangement fees up to £25,000 and no early repayment costs.
The fixed rate business loan from Lloyds is similar to the base rate loan but has a fixed interest rate. What’s more, businesses are able to borrow up to £50,000 for a maximum of 10 years.
In addition to these, Lloyds also offers a commercial fixed rate loan, where businesses are able to borrow from £50,0001 to £500,000 over 1 to 25 years. With this business loan, Lloyds will charge an arrangement fee, which is related to the amount you borrow. However, the interest rate can be fixed from 1 year to the full term of the loan, with capital repayment holidays also included.
Lloyds commercial finance also includes asset finance, for businesses looking to replace or invest in new equipment to help improve efficiency of the company. What’s more, Lloyds also provide business overdrafts and commercial mortgages. With a commercial mortgage, Lloyds enable business to borrow up to 70% of the property value (a minimum of £25,001) and a loan term from 3 – 25 years. Capital repayment holidays maybe available and you can choose between a Bank of England rate or fixed interest rate.
Lloyds Contact Info
Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Telephone: 020 7626 1500.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
As of January 2020, Lloyds do not have any promotions or offers with their commercial finance products.
How to Apply
If you’re ready to apply for a Lloyds business loan, you’ll need to provide some information about you and your business. This will include
Your business plan, trading accounts and details of profits and loss.
A detailed plan on why you need the loan and how you are planning on using the funding.
All business loans from Lloyds are subject to a satisfactory credit assessment. Lloyds will need your permission to carry out a credit check on you and your business. Any property given as security, including your home, maybe repossessed if you do not keep up repayments.
Frequently Asked Questions
What types of commercial funding does Lloyds Business Loans offer?
Lloyds currently offer seven types of commercial funding, including Base Rate, Fixed Rate and Commercial Fixed Rate business loans, credit cards, asset finance, business overdrafts and mortgages.
How long does Lloyds business loan take?
Lloyds business loans up to £10,000 can get an instant online decision, with quicker access to funding. For those looking to borrow more, Lloyds may take take a few days to come to a full decision.
Does Lloyds offer business loans to all industries?
Lloyds are able to fund businesses registered the UK. All applications are subject to normal lending assessment, status and application. For more information about which industries are eligible to apply, contact Barclays.
Where are Lloyds business loans available?
Lloyds Business Loans are able to provide commercial finance to all businesses within the UK, including the Isle of Man and Isle of Wight.