Ulster Bank Loans

Ulster Bank Loans

What does Ulster Bank offer SMEs? Read up on its loans for small enterprises and agri businesses

By Elma Glasgow

Ulster Bank was originally set up to serve the community in 1836 as the linen industry thrived in the region. Since then it’s expanded throughout the UK and Republic of Ireland; it’s owned by the Royal Bank of Scotland. Despite the recession the Ulster Bank survived the economic crash to continue offering banking services to consumers and SMEs.

This is of course very good news for SMEs – with so many new enterprises launching each year, business owners need access to finance to help them grow and create new jobs.

Ulster Bank business loans

Ulster Bank’s business loan starts at £1,000, and the funds can be repaid over a term of up to 15 years. You can arrange to repay at a frequency that works for you. To apply you’ll need to refer to your annual financial figures and forecasts but the bank claims to come back with a lending decision within 3 working days. The loan arrangement fee is 1% of the loan limit – beginning at £150.

Business managers help you with larger lending from £50,000 for small businesses and agricultural enterprises.

If you don't want to go through the loan application process and you only need a relatively small amount of money, there’s also a business overdraft facility, available for a maximum of 12 months. You pay variable interest for the period of the overdraft, and you might need to provide security against the borrowing.

Ulster Bank also offers a commercial credit card, asset finance and invoice finance.

Why not choose an online lender?

With a lot of business done digitally these days, you can easily apply for a loan online and keep in touch with your lender regardless of your location. So you have lots of options open to you, whether you prefer the traditional lender like Ulster Bank, or an alternative finance provider like Fleximize and Funding Circle.

A great tip is to shop around for potential lenders before you commit to a certain route to finance. In fact, The Ultimate Guide to Business Funding is a useful resource to begin your funding search.