SME loans are available from Yorkshire Bank, including their own flexible business loans, and the government-backed Enterprise Finance Guarantee. Here's a quick guide covering the key details.
Yorkshire Bank's Business Loans
Yorkshire bank's main business loan offers £25,001 - £10,000,000 for up to 15 years on a variable rate and 5 years on a fixed rate. Arrangement fees may apply, and security may be required. In addition, the bank also offers the following:
Yorkshire Bank's Online Business Loan
- Limited companies can borrow between £10,000 - £150,000 over a term of 12 - 60 months.
- There are no arrangement fees
- Fixed rate
- You can make lump sum repayments for free and settle in full early for free too
- You must have an annual turnover up to £2 million
Yorkshire Bank's Flexible Business Loan
- You can borrow over £25,000 for a term of 1 - 15 years
- Enjoy lump sum repayments, capital repayment holidays and no early settlement charges
- You can choose a repayment pattern to tie in with seasonal fluctuations and your business' cash flow needs
- Variable interest rate
Yorkshire Bank's Business Investment Loan
- Yorkshire Bank’s Investment Loan is available from £25,000
- It's a good option if you need financing to make major purchases like buildings, land or equipment
- Your business needs to own the premises it’s operating from
- The rate is variable, and customers repay over a term of up to 15 years
- You can also opt for an interest-only repayment option from 1 - 5 years
Yorkshire Bank's Term Loans
The bank also offers fixed-term loans for business owners who need to borrow for a specific period. It’s available for developing a company, buying fixed assets, improving operations, or acquiring another firm. You can also opt for an interest-only repayment option.
Enterprise Finance Guarantee
The government scheme, Enterprise Finance Guarantee, is also available through the Yorkshire Bank. It helps SMEs access finance for immediate working capital or long-term investment, but which lack assets to use as security against a large loan. Businesses need to be turning over up to £41 million annually to apply. You can borrow between £25,001 and £1.2 million over a term of 1 - 10 years.
If none of the above suit you, you can also look into Yorkshire Bank's business overdraft and business credit card.
Business loans from altfi lenders
A loan from Yorkshire Bank could be right for your business, but bear in mind there's now a plethora of choice when it comes to non-traditional finance providers. So, when you're looking for financing, don't limit your search to the banks.
Fleximize is one of the new finance providers that have been set up to offer small and medium-sized enterprises a flexible approach to lending money. This benefits enterprises that rely on quick funding so they can continue building their businesses without interruption. If you think a Fleximize business loan is a good match for your SME, you can apply by clicking the button below.