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If you're a business owner but haven't yet heard of the challenger banks, you could be missing a trick when it comes to funding. Metro Bank is one of the new arrivals on the banking scene attracting customers away from the established Big 4 – that's Barclays, HSBC, Lloyds Bank and Natwest.
The challengers, which also include Tesco Bank, Aldermore, State Bank of India and Virgin Money, are taking on the big banking brands by launching new services and offering deals for both consumers and businesses.
Although these new banks are mainly online, Metro Bank has stores around London and parts of the South East of England, after securing the first new licence to operate on high streets in 100 years.
Metro Bank business banking
Metro offers a business bank account for firms with a turnover of up to £2 million. This includes 24/7 phone banking, fast account opening and free European transactions. There is a monthly £5 account fee charged if your Metro Business Bank Account balance falls below £5,000 at the close of business on any day. If your balance stays above £5,000 for the duration of the whole month, the account fee will be waived.
Metro Bank also has a commercial bank account, but that's for bigger or more complex businesses with an annual turnover of more than £2 million. But with this account, customers get access to a relationship team and expert industry support.
Metro Bank business loans
Here's a quick look at Metro Bank's business loans:
- Small business loans: Metro Bank offer business loans of between £2,000 and £25,000 for a term of 1-5 years. There are no arrangement fees with these loans.
- Larger loans: Metro Bank may be able to offer you a loan of over £25,000, for a term of 1-30 years. There will be a 1.75% arrangement fee, amongst others.
- Interest: Interest is calculated daily and charged monthly. The interest rate is typically 9.6% APR fixed for loans under £25,000.
- Application: You must have a Metro Business Bank Account in order to apply for a business loan.
- Security: Loans will generally need a form of security, but unsecured loans are also available.
Apart from the day-to-day business banking and lending options, Metro offers SME-specific services including invoice finance and asset finance to buy capital goods like vehicles and machinery.
Other altfi providers
Fleximize is another new arrival on the lending market, with a focus on flexible and speedy lending. Their relationship-driven approach means decisions are made by real people as opposed to computers, whilst business support in the form of member benefits ensure that your SME has all the tools it needs to grow and prosper.
And to make things less costly for small businesses, Fleximize doesn't charge any arrangement fees, nor does it penalize companies for early repayment. In fact, you'll only pay interest for the time that you have a loan, so you could actually save money by repaying early. Here are the key details:
- Unsecured business loans of £10,000 - £250,000, on terms of 1-24 months
- Secured business loans of £10,000 - £500,000, on a maximum term of 60 months
- Funds deposited in as little as 48 hours, meaning no disruption to your business
- Take repayment holidays and top up your loan after three successful repayments
- No hidden fees or early repayment charges; only pay interest for the time you had the loan
- Flexible lending criteria – businesses don't need to have a perfect credit history
If you want to discuss your options, a member of the Fleximize team will be happy to chat on 020 7100 0110. Ready to apply? Simply click the button below.
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Other altfi providers
Fleximize is another new arrival on the lending market, with a focus on flexible and speedy lending. Their relationship-driven approach means decisions are made by real people as opposed to computers, whilst business support in the form of member benefits ensure that your SME has all the tools it needs to grow and prosper.
And to make things less costly for small businesses, Fleximize doesn't charge any arrangement fees, nor does it penalize companies for early repayment. In fact, you'll only pay interest for the time that you have a loan, so you could actually save money by repaying early. Here are the key details:
- Unsecured business loans of £10,000 - £250,000, on terms of 1-24 months
- Secured business loans of £10,000 - £500,000, on a maximum term of 60 months
- Funds deposited in as little as 48 hours, meaning no disruption to your business
- Take repayment holidays and top up your loan after three successful repayments
- No hidden fees or early repayment charges; only pay interest for the time you had the loan
- Flexible lending criteria – businesses don't need to have a perfect credit history
If you want to discuss your options, a member of the Fleximize team will be happy to chat on 020 7100 0110. Ready to apply? Simply click the button below.
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