Small Business Loans up to £25,000
Do I need to have a Business Current Account with Bank of Scotland to apply for a Business Loan?
You can apply for a Bank of Scotland Business Loan without having a Business Current Account with us. If your application is successful and you do not wish to open a Business Current Account with us, we will open a fee-free Loan Servicing Account until your Business Loan is repaid. You will be given this choice during your application.
We are only offering the government-backed Recovery Loan Scheme to existing Bank of Scotland business customers. If Bank of Scotland do not provide your main business relationship, please speak to your main bank for support in the first instance.
Can I switch my Bank of Scotland Business Current Account after taking out a Business Loan?
Yes, you are able to switch your Business Current Account to another provider while retaining your Business Loan. If you choose to close your Business Current Account with us, we will open a fee-free Loan Servicing Account until your Business Loan is repaid.
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 a satisfactory credit assessment and we will need your permission to carry out a credit check on you and your business.
You should not apply for an amount that you cannot comfortably afford to repay now and in the future to avoid the possibility of legal action.
Use our “Rate change calculator” to work out how a change in Bank Rate could affect your loan repayments.