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How to get a business loan

Find out how to apply for a business loan and what you’ll need for your application.

What you'll need

If you want a business loan from Lloyds Bank, we’ll need some information first. By understanding more about your application, we can support you to choose an option that’s right for your needs.

Below is a checklist of the sorts of things we’ll need from you. This might vary depending on your circumstances. And sometimes we might ask for more than what’s listed.

1. Your borrowing need

How much you'd like to borrow

How long you'd like to borrow it for

Why you’d like to borrow it

How you plan to repay it

2. Your business

We may also ask you for:

  • Details of any other existing finance.
  • Evidence of assets you could use as security, including the estimated value of your business.
  • A profile of your business including the experience and track record of its owners and management team.
  • Permission to carry out a credit check.

3. Other information

Depending on what type of loan you're applying for, we may also ask for:

  • Details of business assets and liabilities
  • Management accounts
  • Historic financial accounts
  • A business plan covering the borrowing term with a cashflow forecast.

What are the next steps?

1. Application review

First, we’ll review everything and let you know if  there’s something missing.

2. Credit assessment

We carry out our credit assessment on your application.

3. Decision

We'll let you know if your application has been successful and you could have the money in your account within 48 hours.

What if my enquiry is not successful?

If we can’t go ahead with your enquiry for a business loan, we’ll explain the possible reasons why and where you can find other options that may be available to you. We'll be happy to work together to help you present a stronger lending request in the future.

We put various checks in place to make sure we get our lending decisions right. If you think we based our decision on incorrect information and you’d like someone to review it, we’ll give you the relevant contact details..

We also have an appeals process that provides details of how and when you can take the matter further.

You can visit Better Business Finance for general help on finance, or for more information about grants or equity and supplier finance.

 

Other funding options

There are other options to borrowing from a bank. Under the Government's Declined Lending Referral Scheme, you can be referred to three designated online finance platforms that may be able to help you find the finance you're looking for.

If you agree to a referral, we'll provide information to the scheme about your business and enquiry. Each of the designated platforms will then contact you to start the process of matching your requirements to lenders who may be able to offer suitable finance.

You can also contact them directly:

Alternative Business Funding

Funding Options

Funding Xchange

Business loans

Business loans

Apply or enquire about a business loan from Lloyds Bank

All business loans

ANY PROPERTY GIVEN AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBTS SECURED ON IT.

All lending is subject to status. Security may be required.

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Authorisation can be checked on the Financial Services Register at www.fca.org.uk under the Firm Registration Number 119278.