Shawbrook Bank, a British specialist lender, recently updated its dedicated Unsecured Business Loan product to enhance how it serves small and medium-sized enterprises (SMEs).
The bank has now raised its maximum amount available for its loan from its original £100,000 limit to £150,000. It has also extended the products’ maximum repayment term to five years, up from three.
Stuart Doignie, Shawbrook’s managing director for SME Lending, commented:
“By increasing both the loan size and term limit, we will be able to expand the reach of the product, providing greater flexibility to a growing number of prospective customers.”
He added that the bank would continue to innovate and develop its current lending solutions to serve the SME sector going forward.
Unsecured SME business loans help manufacturers, legal practices and other up-and-coming firms to access capital they require to grow without needing to put up assets as collateral. This can be especially useful for new firms that have yet to acquire property and equipment to use as security.
Since Shawbrook Bank introduced the Unsecure Business Loan product in November 2023, it has seen more than 400 applications from enterprises across a wide range of industries.
The new modifications are intended to empower SMEs in the UK to pursue expansion initiatives and provide more manageable schedules regarding repayments. The bank’s Unsecured Business Loan is aimed at firms looking to fund a selection of business investments, especially those that don’t qualify as a rule for asset finance.
