Santander Business Loans

Santander  Business Loans logo
  • Santander currently offers various business loans. Find out what options are available, whether your business is eligible, and how to apply.
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Last updated on 24 June 2022.

Whether you’re a brand new startup or an established small or medium-sized business (SME), Santander has a variety of business finance solutions available that could help you grow.

Santander’s loans are flexible, with different rates and repayment lengths available, so you could find an agreement that works with your plans.

Find out everything you need to know about Santander Business Loans and how to apply.

What is Santander Bank?

A subsidiary of the global bank Banco Santander, Santander UK is a large retail and commercial bank that provides financial services to 14 million personal and business customers.

The bank has committed £200 million in funding to support high-growth SMEs.

What products and services do Santander offer?

Business Loans

Santander Business Loans are currently available to new and established businesses. You can currently choose from either fixed or variable rates and repay your loan over different periods of time, depending on your circumstances.

Growth Capital Loan

Santander’s Growth Capital Loan currently offers between £500,000 and £5 million to businesses with up to £50 million in annual turnover. Repayment terms are usually between two and five years, and may be able to be refinanced if not paid back at the end of the term.

Santander currently prefers the Growth Capital Loan to be used for investing in new products, recruiting key personnel, expanding overseas, marketing and advertising and research and development.

Business Overdrafts

With the business overdraft, you can currently access short-term financing. You only pay interest on the amount you borrow on days you’re overdrawn.

There is an effective annual rate, and you’ll currently be charged a fee on the agreed overdraft.

Business Cashback Credit Card

Currently available for a £30 annual account fee, the Business Cashback Credit Card gives you cashback on all your business spending and doesn’t charge foreign transaction fees if you pay in the local currency.

You could get additional cards for free, and set spend limits for each one. If you pay your balance in full and on time each month, you won’t be charged interest.

» COMPARE: Startup loans

Can I get a small business loan with Santander?

Santander business loans for small businesses are available, though only to businesses with simple banking needs and up to two directors, shareholders, or partners.

» COMPARE: Business loans

Key features of Santander business loans

  • Wide range of financial solutions available
  • Up to 25 year repayment terms
  • Growth Capital Loans of up to £5 million currently available
  • £200 million funding pot for SMEs
  • Fixed and variable rates available

How do I apply for a Santander loan?

You could apply for a Santander Business Loan or a Growth Capital Loan on Santander’s website. You can use the ‘find your expert’ icon on the right of the website page to speak to an expert.

If you want a Santander business overdraft, you currently have to book a phone meeting with your local business banking manager.

Existing Business Current Account customers can apply for a Business Cashback Credit Card using the online application form.

Am I eligible for a Santander business loan?

Provided you want to borrow an eligible amount, Santander business customers can apply for a Business Loan, though Santander does stress that it reserves the right to reject any loan application if you don’t meet the lending criteria.

Growth Capital Loan applicants currently must have under £50 million turnover and, ideally, a three-year trading history. You’ll also have to demonstrate growth in turnover, profits, and employee numbers, and a history of sustainable cash generation and profitability.

Both Overdraft customers and Business Cashback Credit card applicants must:

  • have a Santander business current account
  • be a UK-registered business
  • be aged 18 or over
  • be UK residents
  • be a sole trader, partnership, limited liability partnership, private limited company
  • not have been a disqualified director or a director of a failed business in the last six years
  • have a good credit history
  • not have been declared bankrupt or had an Individual Voluntary Arrangement in the last six years

What business loan rates could I get with Santander?

Both fixed and variable rates are currently available if you take out a Santander Business Loan, though the bank doesn’t provide information on what rates you’ll actually pay. You could speak to a Santander expert about your requirements to find out more.

What do Santander customers say?

On Trustpilot, Santander has been rated 1.3 out of 5 based on 4,572 reviews.

On the App Store, the Santander Mobile Banking app has been rated 4.8 out of 5 based on 937,000 reviews. On Google Play, it has been rated 4.2 out of 5 based on 129,500 reviews.

This information is correct as of 5 June 2022.

Conclusion

Santander currently has up to £200 million in funding available for UK SMEs, with loans for small businesses, and all business loan amounts considered for businesses with bigger plans to finance, as well as overdrafts and credit cards.

Having the option of fixed and variable rates, and the flexibility to repay your loan over a period of years means you may be able to find a finance solution that meets your requirements.

You have to be a Santander customer to be able to apply for a loan, and you have to meet criteria to access loans under a certain amount.

If a Santader loan sounds like it could be the right way to fund your business ambitions. Before committing, you may consider comparing other business finance providers to make sure you’re getting the right deal for you.

Santander Business Loan FAQs

Which loan is best for business?

Which loan is best depends on what you plan to use the finance for.

A Business or Growth Capital Loan might be used for investing in new products or expanding overseas, while an overdraft or credit card may be something to consider for short-term financing and expenses.

What criteria do you need for a business loan?

To apply for a Santander Business Loan you must be a Santander customer. If you’re looking to take out a Growth Capital Loan, you must currently also have under £50 million in turnover, be able to demonstrate a strong increase in turnover, profits, or employee numbers, and have a good track record of sustainable cash generations and profitability.

How much deposit do you need for a business loan?

You don’t need a deposit for a business loan. Santander’s loans are structured as debt finance, which means you borrow a certain amount and pay it back with interest over an agreed period.

Services offered by this provider may change over time. Always check Ts&Cs.