Medium to long-term business loans

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Most businesses need a financial helping hand to either get them off the ground or expand and a medium to long-term business loan can be one of the best ways to get funding. It’s not as easy as it once was to find business loans, but the major banks still all offer them and if your business plan, credit score and homework is all in place, it’s certainly worth applying.
MoneySuperMarket doesn't offer a comparison service for this type of product, but we have compiled a list of lenders below who can help.

Medium to long-term business loans

• Provider/Product name
• Description
• 
  

1. • Provider/Product name

     NatWest

     Small Business Loan
   • Description The NatWest Small Business Loan gives you:
     > A choice of loan amounts - borrow from £1,000 up to £25,000
     > Flexible pay back terms - borrow for one year, or up to 10
     > No arrangement fees or security fees
     Early repayment - if you pay off all or part of your Small Business Loan early, you will incur an additional charge of up to two months' interest. You should seek legal advice before entering into a fixed rate loan agreement.
     
   • Go to site
      
     
   Director's guarantee may be required
2. • Provider/Product name

     Royal Bank of Scotland

     Small Business Loan
   • Description The RBS Small Business Loan gives you:
     
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     > A choice of loan amounts - borrow from £1,000 up to £25,000
     > Flexible pay back terms - borrow for 1 year, or up to 10
     > No arrangement fees or security fees
     
     Early repayment - if you pay off all or part of your Small Business Loan early, you will incur an additional charge of up to two months' interest. You should seek legal advice before entering into a fixed rate loan agreement.
   • Go to site
      
     
   Director's guarantee may be required
3. • Provider/Product name

     Funding Circle

     Business Loan
   • Description UK’s leading peer-to-peer business lender
     
     Fast and simple business loans from £5k to £1 million - without the banks.
     
     Borrow from a community of thousands of people together with the Government-backed British Business Bank, local councils and universities.
     
     
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     Quick & convenient process:
     > Check your eligibility in 30 seconds
     > You'll hear from Funding Circle within two working days of completing your application
     > Loan terms from six months to five years. No early repayment charge.
     
     Flexible loans: borrow for working capital, expansion, property, asset purchase and one-off business expenses.
     Now open for non-limited companies (sole traders and partnerships) to apply for a loan.
     Business Funding Scheme - Local Government is lending millions through Funding Circle to support UK businesses.
   • Go to site
      
     
   Minimum criteria: Two years+ filed accounts at Companies House or formally prepared accounts for non-limited businesses, minimum turnover of £50k and a good credit score.
4. • Provider/Product name

     Ortus Business Finance

     Business Loan
   • Description New starts & established business.
     Funding for business can seem overwhelming, but it needn’t be. Ortus recognises every business is different. Applications are considered on individual merit rather than solely on credit history and will introduce a range of flexible business finance solutions to suit your needs.
     
     > Borrow up to £500,000 with repayment terms from two to 10 years
     
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     > Once approved, funds are sent within 24 hours of receipt of completed documentation
     > Early repayment fees don't apply
     
     No trading history – no problem. Ortus' new start loans support your business during its infancy. When traditional funders can’t help, Ortus offer straightforward loans matched to your needs.
   • Go to site
      
     
   Min Criteria: New start companies with no trading history and established business. Only UK homeowners considered. Two hour response time (weekdays 9.00-17.30)

Medium to long-term business loans

Setting up a business or expanding your current one can be expensive. Some people opt to fund it themselves but for many, this is impossible and chances are you’ll need financial support.
The reason many business owners prefer a medium to long-term business loan is so they can be certain that they will have funding in place to support their enterprise for several years. In turn, this will help them plan and budget.
Here, we take a closer look at some of the advantages and disadvantages of medium to long-term business loans…

Longer term loans

A medium to long-term business loan typically enables you to borrow money to help your business for one to five years.
The loan is repaid in monthly instalments, with interest added to the amount you owe. Some business loans have a fixed rate of interest, which means your payments won’t change over the term of the loan, while others have a variable rate, so the amount you owe could vary over the loan term.

Read more

Moneysupermarket is a credit broker – this means we’ll show you products offered by lenders. We never take a fee from customers for this broking service. Instead we are usually paid a fee by the lenders – though the size of that payment doesn’t affect how we show products to customers.