LendingCrowd was created to help British SMEs access the funding they need to thrive. Read on for a quick guide to our eligibility criteria.
We can provide fast and affordable business loans of between £75,000 and £500,000 to limited companies and limited liability partnerships (LLPs) that are based in England, Scotland or Wales and have been trading for at least two years.
Is my business eligible to apply?
We have some straightforward initial criteria to apply for a LendingCrowd business loan:
- Annual turnover between £100,000 and £40m
- Fewer than 250 employees
- At least two years’ trading history
- No active county court judgments of over £1,500 or defaults over £250
- No failed businesses in the last two years
Please note: certain industries and businesses will not be eligible for a loan. If your business meets our initial eligibility criteria, the next step is to gather the information you’ll need to apply for a LendingCrowd business loan.
What information will I need to provide?
- Names, addresses, phone numbers and email addresses for all directors/members and shareholders who own 25% or more of the business
- How much you want to borrow and how you plan to use these funds
- Details of any current borrowing, such as other business loans, overdrafts or invoice finance facilities
- Last two years’ filed accounts (last one no more than 15 months old)
- Most recent three months’ business bank statements
- Management information (if available)
Will I need to provide a personal guarantee?
Directors, members and shareholders must demonstrate they have assets covering 50% of the business loan. 100% coverage is required for third-party guarantors and for loans in our C+ Risk Band. (You’ll find out which Risk Band your business is in once we’ve carried out our initial checks.)
If there is more than one guarantor, we’ll consider the aggregate value of the assets across all the guarantors.
Please note: a charge or asset security may be required in addition to personal guarantees for loans above £350,000.
How much can I borrow with LendingCrowd?
Limited companies and LLPs can borrow from £75,000 to £500,000. Our flexible business loans offer:
- Fixed monthly repayments of capital and interest
- Fixed rate of interest for the term of the loan
- Up to five years to repay
- No fees for early settlement
- No fees for overpayments* to reduce the loan term and total interest paid
*Minimum £5,000
It takes just minutes to apply for a LendingCrowd business loan – start your journey today.
Please note: all applications are subject to LendingCrowd’s risk appetite and will be subject to clearance of AML and Cifas checks.
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