Lloyds Bank Business Loan Requirements and Application – A business loan can be a great way to get funds when you need them most, whether that’s to pay off your past due invoices or fund an expansion of your sales team Lloyds Bank offer up to £25,000 loan for small businesses and above £25,000 loan to large businesses in the United Kingdom at a reasonable interest rate and a flexible repayment terms of up to 25. But it’s also important to know exactly what’s required from you and what to expect from Lloyds bank when applying for one, which is why we’ve created this guide on the complete Lloyds Bank business loan requirements and application process to help you along the way.
Who Can Apply for Lloyds Bank Business Loan
Any business owner who is a UK resident over the age of 18 can apply for a Lloyds Bank business loan. You must have been in business for at least 12 months and have a turnover of at least £50,000 to be eligible. To apply, you’ll need to fill out an online application form with your personal and business details. Be sure to enter your Unique Reference Number (URN) which will be on any correspondence from Lloyds Bank.
A credit check will then take place, which may result in a decision being made straight away or within 3-5 working days. The next step is to meet one of our advisors either face-to-face or via Skype. They will review your financial information and advise you on how much funding you could get as well as if it’s appropriate for your needs.
How To Apply For A Business Loan From Lloyds Bank
Before you begin the application process, make sure you have all the required documentation. This includes your business license, tax information, and financial statements. Once you have everything gathered, you can begin the online application. The process is straightforward, but if you have any questions, feel free to contact customer service. Once your application is complete, a representative will reach out to you to discuss next steps.
What Is Eligible For Lloyds Bank Business Loan
Lloyds Bank offers business loans to a wide range of businesses, from small businesses to large enterprises. To be eligible for funding, your business must be based in the UK and have been trading for at least 12 months. You will also need to provide financial statements for your business as well as personal guarantees from the directors of the company.
How Long Does Lloyds Bank Business Loan Take?
The time it takes to complete the Lloyds Bank Business Loan requirements and application process varies depending on the size of the loan you’re applying for. However, the entire process can be completed online in as little as 10 minutes.
How Much Lloyds Bank Business Loan Will I Receive?
The amount you can borrow with a Lloyds Bank business loan will depend on your business’ turnover and credit score. The maximum amount for small businesses is £25,000, while above £25,000 for large businesses. If you’re looking to finance a larger project, you may be able to apply for a business overdraft instead.
What Are My Next Steps After Applying for Lloyds Bank Business Loan?
Now that you know how to apply for a Lloyds Bank business loan, it’s time to take the next steps. Your first step should be to formalize your business by creating a business plan. This will help you understand your business goals and how to achieve them. Once you have a plan in place, you can begin to gather the required documentation. Be sure to have all of your financial information ready, as well as any other documents that may be required. After submitting your application online, then you wait for a responds from Lloyds Bank officials for loan approvals or disapproval. For more information please visit Lloyds Bank business loan webpage