Business Loans

Do you need funding to grow your Small or Medium Size Enterprise? We have business loans available for SMEs in the South West.

Is my business eligible for a business loan?

Businesses that are located outside of the South West region will not be eligible. The CBILS Scheme closed with effect from 31 March 2021. Learn more here.

Business Loan characteristics

Security
- Fixed & floating debenture taken (ranking behind existing charge holders, if appropriate)
- Unsupported personal guarantees are typically required for business loans

Information required to apply for a business loan:

– Last 2 years' full accounts (if available)
– Most recent management accounts 
– Cashflow forecast for a minimum of 12 months
– Last 6 months business bank statements
– Credit Report for all directors

Amount & Term

£25,001 – £250,000 repayable up to 60 months

Interest Charge

Charged at 12% ABR

Fees Arrangement

Fee of 5% charged at outset

We have Start Up Loans for businesses trading less than 3 years 

 

What you can expect from us

  • ✓ A personal 1-2-1 service from your dedicated business manager.
  • ✓ Relationship-based contact from your dedicated business manager.
  • ✓ A genuine interest in your business.
  • ✓ A desire to see your business succeed.
  • ✓ Support and guidance for the duration of your loan.
Boys Who Sew

Funding Boost for The Boys Who Sew

Feb 15, 2023 | Case Study, SME
Gloucestershire-based curtain makers, The Boys Who Sew, is the latest business to be supported by SWIG Finance. The £36k loan, which was backed by the British Business Bank’s Recovery Loan Scheme (RLS), will be used to fit-out the new premises and invest in green technology, such as the installation of solar panels and an electric vehicle, in support of their Net Zero journey.

Read More

“We chose to work with SWIG Finance because, unlike other lenders, at SWIG you can talk to a person. Ultimately, SWIG Finance were able to support our business by looking at the bigger picture – something which other lenders are not willing to do.”

Customer Testimonial, SME Business Owner

How to apply for a Business Loan​?

To apply for a Business Loan, you will need to complete our online application form.

Information we will need to assess your loan request:

  • Last 2 years’ full accounts (if available)
  • Most recent management accounts
  • Cashflow forecast for a minimum of 12 months
  • Last 6 months business bank statements
  • Credit Report for all directors

Apply now to take the next step in securing the funding your business needs.

Our Application Process

We assess each business on its own merit. To apply, please complete our online enquiry form below. Initial enquiries welcomed to establish suitability. Once we have received all the information we need to consider your application, the decision will be made as soon as possible.

Apply Now

If you’re ready to take the next steps, apply now!

Tips & How-To Guides

Here you will find practical tips and how-to guides.

Got a question?

Give us a call today and we will answer any question you may have.

Is my Business eligible for a Business Loan​?

Business Loan characteristics

✓ Loan value from £25,001 – £250,000
✓ Finance for working capital or growth (e.g. equipment)
✓ Tangible security is not required
We are an accredited Recovery Loan Scheme lender
Terms & Conditions Apply

Apply now to take the next step in securing the funding your business needs.

Do you need to borrow less than £25k?

We have Start Up Loans available for businesses that have been trading for less than 3 years.

Apply for a business loan now

Please complete the below enquiry form and a member of the team will be in touch.
Read more about our business loans requirements here.

Should you wish to apply for a loan then please complete the following questions:

Here at SWIG Finance Limited we take your privacy seriously and will only use your personal information to administer your application and to provide the products and services you have requested from us. Please tick the box below to indicate your consent to us processing your data in accordance with our privacy policy.

Our decisions are made by people, not computers, which means that we lend by looking at the bigger picture.

Our business managers provide support and guidance throughout the application process, and for the duration of the loan, to give our customers the best chance for success.

Frequently Asked Questions

You can see below the answers to our most frequently asked questions. If you have more questions, do not hesitate to contact us and we will be happy to help.

What is a business loan?

Business loans are a form of debt finance that create a cash injection for a business. SWIG’s business loans are unsecured and do not require tangible security. Typically, the borrowing amount relates to a specific business-related purpose and is repaid monthly over a specified term.

How much can I borrow and what will it cost me?

Here at SWIG Finance, we can fund loans from £25,001 to £250,000 repayable from 1 to 5 years with an interest rate of 12% ABR.

What are the advantages of a business loan?

Business loans are a useful tool to help generate growth. Not every business has the funds they need to take full advantage of the market opportunities available to them.
Typically, business loan funding can be used to support working capital, as well as investment into resources and assets that will generate growth.

What will we need from you?

Information we will need to assess your loan request:

  • Last 2 sets of full annual accounts, including detailed Profit & Loss Accounts
  • Management accounts for the period since the most recent year-end to date
  • Cashflow forecast for a minimum of 18 months, identifying the requirement for the business loan
  • Agreement to Open Banking
  • Credit Report for all directors
  • Business Plan
  • Details of any agreed outputs e.g. number of jobs created or safeguarded.

Can a Public Limited company apply for a business loan?

Only incorporated businesses can apply for a business loan. No public limited companies will be considered for this loan.

Are there any other fees?

There is a 5% arrangement fee at outset, which can be added to the loan. If any payments are missed or late there may be additional fees.

Is a Debenture required?

Yes, a debenture will be registered at Companies House, which will typically rank behind existing charge holders.

How do I apply for a business loan?

To apply, click the ‘Apply Now’ button to be directed to the Enquiry Form.
Once you’ve submitted your application a member of the team will be in touch to take you through the next steps.

What are the risks of a business loan?

There are risks involved with lending. For example, if you fail to make payments on time this can affect the business credit rating. If you have a business loan with SWIG Finance and you encounter any difficulties, please get in touch with your dedicated business manager who will support you in resolving the issues.

Will there be a credit check?

Credit checks are a standard part of determining whether you qualify for a business loan. At SWIG Finance, we undertake a credit check on the business and require business owners to supply their own personal credit reports.
Please note, however, even if you do not have a perfect credit score, we may still be able to help you.

Am I eligible for a business loan with SWIG Finance?

To be eligible for a business loan:

  • You must be 18 or over.
  • Limited companies only can apply.
  • You must be a business with a clear plan for the purpose of the loan.
  • The business must be able to demonstrate viability and growth potential.
  • The business must be based in the South West of England.
  • Applicant businesses will typically have been trading for more than 2 years.

What can business loans be used for?

Business loans can be used for a range of purposes, including (but not limited to):

Do we provide the Recovery Loan Scheme support?

Yes, we are an accredited lender under the Recovery Loan Scheme (RLS), which means we will lend where tangible security isn’t available.
Visit our RLS webpage for more information.

Does the business loan require a personal guarantee?

Unsupported personal guarantees are typically required for all unsecured business loans.

What can I do if my business has been trading for less than two years?

You may be eligible to apply for a Start Up Loan instead, or as well as a Business Loan. Please visit our Start Up Loans page for more information.

Business Loan Uses:

If you need more information, have a look through our Business Loan Uses, to see what you can use our business loans for.