Halifax Business Loans and Finance Options - Fleximize

Halifax Business Loans

Halifax business loans are operated by Lloyds Bank and RBS. Here's a quick look at if they're the right fit for you

By The Fleximize Team

There are many high street banks and alternative finance providers that can help SMEs secure the funding they need to grow. If you’re currently looking at lending options, bear in mind that Halifax business loans are managed by Lloyds Bank and Royal Bank of Scotland (RBS), as is Halifax business banking.

To help you along, we’ve had a look at Lloyds Bank and RBS business loans and business banking for startups and growing enterprises. Here are the basics to get you started:

Lloyds Bank business loans

Lloyds Bank offers three main loan options for businesses;

1. The first is a Base Rate Loan which allows businesses to borrow an amount over £1,000 for a term of between 1-25 years. The interest rate on this loan will vary with the Bank of England Bank Rate. You will have to pay an arrangement fee if you take out a loan of less than £25,000. 

2. The second is the Fixed Rate Loan, which businesses can use to borrow between £1,000 and £50,000 over a 1-10 year term. There are fixed monthly payments and no early repayment costs. You will have to pay an arrangement fee if you take out a loan of less than £25,000. 

3. Larger Commercial Fixed Rate Loans are also available from Lloyds bank, ranging from £50,001 to £500,000. The repayment term spans 1-25 years, but there may be a fee for early repayments. 

RBS business loans

RBS business loans are suitable for many small and medium businesses wanting to borrow between £1,000 and £50,000. RBS loan terms range from 1-10 years. In addition, SMEs can also look into RBS' business overdraft and business credit card. 

Larger businesses looking to borrow £35,001 upwards can apply for an RBS Variable Rate Loan, which comes with no early repayment charges and a term of between 3 months and 25 years. There is no upper limit on the loan amount, though arrangement fees and security fees will be charged with these loans. There's also the RBS Fixed Rate Loan, which allows businesses to borrow between £35,001 and £10,000,000 for a term of up to 10 years. 

Tips for applying for bank loans

Both of the above banks need to see documentation to ensure you're a viable business and reliable customer. So, be sure to allocate some time to polish up your business plan, financial forecast, profit and loss sheets and other key documents needed for applications with the big banks.

You should also take measures to ensure you have a healthy company credit score. If it's low, you could find it very difficult to get a loan from either of these banks, but you might have more luck with an alternative finance provider.

Altfi business lenders

To expand your search beyond the banks, why not look through our guide to alternative finance options currently available to UK SMEs? It covers financing options like crowdfunding, peer-to-peer lending and invoice financing, as well as the differences between alternative finance and traditional bank loans. 

Or, if you're ready to apply for a small business loan with Fleximize, you can do so by clicking on the button below.

Get started: Apply now