The interest rate your business pays is determined by a number of factors. Our credit assessment process looks at the information you provide us, alongside publicly available data, for example from credit bureaus. The outcome of this process, along with the length of repayment term and the amount you are borrowing helps to determine what your interest rate will be.
Our interest rates range from 3.9% to 12.1% per year.
If you’ve taken out or are in the process of applying for a Coronavirus Business Interruption Loan Scheme (CBILS) loan, the Government pays the upfront fee and the first year’s interest for you. After these savings are deducted, the total cost you’ll pay over the lifetime of the loan is 1.8%-7.4% per year.
Please note, the CBILS scheme is no longer open to new applications.