Business loans
Applying for a business loan could help your company get off the ground or realise your potential for growth.
Get help finding the funds to build or expand your business with Norton Finance. For 40 years we’ve worked with entrepreneurs across the length and breadth of the UK to find flexible loans to help you grow your business.
- We search a wider range of secured and unsecured loans to give you more choice
- Our award-winning customer service team is ready to help every step of the way
- Searching for loans through Norton Finance won’t affect your credit score
- Finding the right loan can help your business’ future plans and unlock your potential
- A good track record can help you qualify for a wider range of loans
Business loans
Applying for a business loan could help your company get off the ground or realise your potential for growth.
Get help finding the funds to build or expand your business with Norton Finance. For 40 years we’ve worked with entrepreneurs across the length and breadth of the UK to find flexible loans to help you grow your business.
- We search a wider range of secured and unsecured loans to give you more choice
- Our award-winning customer service team is ready to help every step of the way
- Searching for loans through Norton Finance won’t affect your credit score
- Finding the right loan can help your business’ future plans and unlock your potential
- A good track record can help you qualify for a wider range of loans
What is a business loan?
Access the funding you need to help your company prosper. There are many different types of business loan, depending on:
- the amount you want to borrow
- the length of time you want to repay the loan
- the interest rate you’re looking for
- the reason for your borrowing.
- Secured. These typically offer lower interest rates than an unsecured loan, and are secured against assets, either personal or company owned.
- Unsecured. They offer higher interest rates but are not typically secured against an asset.
How does a business loan work?
To apply for a loan, you must start with the purpose. Lenders will want to know what you plan to spend the money on, how it will impact your business plan, and the expected results.
If you’re successful in applying for a business loan, you’ll typically receive the funds within a week or two. You’ll then repay the loan, including accrued interest, at the agreed rate each month, until the debt is settled.
You may also be able to pay off your loan early, but there could be a charge for doing so. Check the terms of any loan you’re offered to find out more about the cost of early repayment.
Get started by selecting the loan amount and length of time you wish to apply for on our business loan repayment calculator at the top of the page.
Things to consider before you apply for a business loan
Is this the right loan for me and my business?
A loan can help your business take its first steps, turning your creative spark into a successful venture, or helping a growing company to scale up with demand. Compared to other types of credit, such as personal loans or credit cards, business loans can offer more flexibility. If you can show a lender your business is brimming with potential, and you can afford to repay the loan, you’re already on the right track.Regular income and outgoings
A lender will ask about your income and regular outgoings to help them assess your personal circumstances. This helps them decide whether you’re a suitable applicant.Your credit history
Lenders look at your credit report to help them assess whether you will be able to keep up with repayments and loan terms. You don’t need a perfect credit score to get a rate you’re happy with, but lenders will usually want to check your general situation – including any CCJs – before they decide.The purpose of your loan
How you plan to spend the money you’re applying for is the basis of your loan application. Lenders will be keen to see proposals, pitches, and plans for your investment so they can get a better understanding of how the money will help your business grow.Representative example
SECURED LOANS Rates from 6.59% variable. We also have plans ranging up to rates of 65.2%. Our range of available plans and products means we’re well placed to help you find a loan that meets your needs.
Representative 8.6% APRC variable.
Representative example: If you were to borrow £10,000 over 10 years at an Annual Interest Rate of 5.14% (variable), it would mean you make 120 payments of £122.71 per month.
The total amount repayable will be £14,725.20 (This includes a lender fee of £495 and a broker fee of £1,000 which have been added to the loan.) The overall cost for comparison is 8.6% APRC representative. Maximum APR is 65.2%.
Commonly asked questions about business loans
For more information about business loans, check out our list of frequently asked questions:
Applying for a loan online is easy with Lendingswing. All you need to get started are a few simple details, including:
- Name and address
- Details of your earnings and staff on payroll (if applicable)
Once we receive this information, we’ll contact you to discuss your business loan requirements in more detail. It’s a good idea to have information to hand regarding what you need the loan for, as well as details of any other loans you have.
Further discussions around your loan application are likely to focus on your company, and things like:
- Profitability and turnover
- Trading history
- Loan amount as a proportion of turnover
- Payment history
Provide prospective lenders with as much information about your company as possible, as this will help aid their decision. If you give thorough background information, your lender will be more confident that the amount you are borrowing can be comfortably repaid.
With a loan from Lendingswing, you may be eligible to borrow between £3,000 and £500,000, depending on your circumstances.
Our repayment terms can be anything from one to 30 years, depending on how much you want to borrow, and what you can afford to repay.
The rate of interest will vary based on your current circumstances and financial history. Loan interest rates for business owners start from 6.59%.
As we help you find the ideal loan for your business, we receive commission from the lender after a loan application has been completed. We may also charge a broker fee of up to 12.5% on any secured loan amount borrowed. There are no broker fees on unsecured loans.
You can pay off a loan early. However, there may be an early repayment fee for doing so. This will allow for a substantial rebate of interest that would have been paid had the loan reached the end of its agreed term. This could make early repayment an attractive option, but it’s always best to make sure you understand the terms and conditions of the loan and are confident you can repay it.
Applying for a business loan
What kinds of businesses are eligible?
We help companies across a wide range of sectors secure the financial support they’re looking for. Here are just a few examples:
Healthcare
Doctors, dentists, and healthcare professionals might use a loan to grow their customer base. This could be by investing in CRM (Customer Relationship Management) software to manage patient files more effectively, or market research to track feedback, improve customer service, and increase the level of interaction with patients.
Whatever the aim, a loan could help your healthcare business build a greater reputation, attract more patients, and ultimately become more profitable.
Retail and freelance
The UK has a booming population of self-starters and small retailers, who are increasingly harnessing the power of digital media to market their goods and services. A business loan could help fund professional digital marketing and social media management to keep you one step ahead of the competition.
Catering and hospitality
With the help of a loan, restaurants, cafes, and hotels could transform their services from shabby to chic, improving their appeal. You could use the loan to invest in advertising to get your business’ voice heard or improve accommodation and facilities.
How can I use the loan in my business?
There are many ways you might want to use a business loan – whether starting from scratch as a sole trader or expanding your payroll.
Taking on new staff
Pick up some people power to expand your company.
Opening new premises
You might have outgrown your office space or require a refurb for your workplace.
Expanding your vehicle fleet
If you need new wheels for your business, a loan could help you get things moving.
Buying new equipment
Invest in the latest technology to help your company run more efficiently.