UK-based specialist lender Shawbrook Bank has updated its Unsecured Business Loan product to better serve the small and medium-sized enterprise (SME) sector.
The bank has increased the maximum loan amount available from £100,000 to £150,000 and extended the maximum repayment term from three to five years.
Since its introduction in November 2023, the product has seen over 400 applications from businesses across various industries.
The adjustments are intended to enable SMEs to pursue growth initiatives and offer more manageable repayment schedules.
The Unsecured Business Loan is designed to fund a range of business investments, particularly those that do not typically qualify for traditional asset finance.
Shawbrook Digital SME Lending managing director Stuart Doignie said: “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.
“I would like to thank our broker community for their continued support and the feedback provided to help us evolve the product to better suit their clients’ needs. We will continue to develop and innovate our lending solutions to support the market going forward.”
Recently, Sky News reported that Shawbrook Bank is in exclusive negotiations to acquire ThinCats, a lending company focused on medium-sized enterprises.
The move could expand Shawbrook’s offerings and reinforce its support for the SME lending sector.
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