Securing the funds to grow your business can seem like an uphill battle at times. With so many banks and alternative finance lenders to choose from, it can be difficult to know which one best suits the unique needs of your small business and its growth plans. If you're starting your research with the main banks, and are thinking of applying for a TSB business loan or finance product, we've created a quick guide to their business funding:
TSB Base Rate Business Loan
- TSB's base rate loan is linked to their Bank of England Base Rate, so the interest you pay will change to mirror the base rate
- You can borrow from £25,001 on a 1-25 year term
- You may be able to take capital repayment holidays with TSB's base rate loan
- You may need to offer a form of security with these loans
- You'll be charged an arrangement fee, depending on the amount you borrow
TSB Fixed Rate Loan
- TSB's fixed rate loans range from £1,000 to £1,000,000 over a term of 1-10 years
- You may be able to take a capital repayment holiday
- TSB's fixed rate loans can be taken out on either a secured or unsecured basis
- Arrangement fees apply
In addition to TSB's business loans, you can also apply for a TSB business overdraft or TSB business credit card. The overdraft does come with an arrangement fee, and you'll only pay interest on the funds you use.
At the time of publication, TSB isn't accepting new business credit card applications, but the bank typically offers 45 days of interest free credit on Sterling purchases if the balance is paid by the due date.
Alternatives to TSB business finance
Banks usually require detailed documents from small businesses when they apply for finance. As such, the application process can often take weeks and require some back and forth. If you need funding fast, or prefer to focus on managing your SME as opposed to filling in detailed forms, an alternative business loan may work better for you.
Fleximize offers secured and unsecured business loans ranging from £5,000 to £500,000, and they've lent over £100 million to date. There are also no early repayment or arrangement fees if you apply directly, so you can rest assured that you can make overpayments or repay your loan in full before the end of your loan term if you grow faster than expected.
If you want to find out more about Fleximize's business loans, feel free to call one of the team on 020 7100 0110. Or, if you're ready to apply, you can do so by clicking the button below.
Header image provided courtesy of Krzysztof Rockwell via WikiMedia Commons.