Finding the right unsecured small business loan can be incredibly challenging. Designed to help a small to medium sized company achieve key goals, react to market change, or take advantage of opportunities in their sector – a small business loan involves the debtor being lent an agreed sum over a fixed period of time. This also involves a set interest rate and an agreed repayment schedule.

These can be sought from a range of providers, from established banking entities, specialised independent lenders, innovative finance providers and more. Finding one is as simple as contacting a lender directly and making enquiries. However, securing the right loan for your business can be challenging and intimidating in equal measure, so its worth seeking professional guidance.

The loan process involves an extensive series of background checks from your lender and passing through a rigorous vetting process to ensure that you are a sound and promising company to lend to. Just as important is you being discerning about who you approach for a small business loan because securing the best offer possible in the current market is extremely difficult without professional help.

Who are the best business loan providers?

When it comes to finding the right provider, it can feel like there are a multitude of options available to you. This can be as simple as contacting a long-established bricks-and-mortar provider such as NatWest or RBS. The former offers a range of products in the £1k – £10m range with repayment terms of up to 25 years. The latter requires no minimum turnover from your business and carries the same amounts and terms, also offering generous eligibility criteria for a range of businesses.

If you are considering other options, providers such as Funding Circle, who deploy a user-friendly online system to take the effort out of your application, allow you to confirm whether you are eligible within a 5-hour period. However, they do require a minimum turnover of £50k per annum and have shorter repayment terms of 6 months to 5 years at most

No matter your decision, it’s important to ensure that your small business bank loan rates are around the current market average of between 4-6%, ensuring maximum flexibility when it comes to repayment.

What next?

If you want to learn more about how to get an unsecured business loan, our team at Capital Raise is here to help. With extensive experience operating in the UK market and access to a range of providers, we will work with you to secure the funding you need when it matters most.

We work with you to find the right secured or unsecured small business loans for your company and ensure that you are on the right track to achieve your key business goals. Helping to ensure that your credit rating doesn’t prove to be an insurmountable obstacle for your organisation.

If you want to learn more about our range of services, you can view our list in full from here. Or if you have any other specific small business loan questions, please do not hesitate to get in touch directly and let us know what you need to get your company to the next level.