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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?
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 a number of 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 which 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 alternative 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:
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.
Making sure you get a fair deal
We want you to find a product that's right for your circumstances, which is why we adhere to the Standards of Lending Practice, which are monitored and enforced by the Lending Standards Board.
To find out more you can read the statement of responsibilities, which details what's expected of us, the lender and you the borrower.
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Authorisation can be checked on the Financial Services Register at www.fca.org.uk under the Firm Registration Number 119278.