Business Loans NI

Find a Business Loan in Northern Ireland

CompareNI.com’s directory of business finance specialists can help you find the right NI business loan for your needs.

When lenders offer business loans in Northern Ireland?

Most of the main banks and building societies operating in Northern Ireland offer NI business loans, but it’s also worth bearing in mind that the lender your Northern Ireland business takes out the business loan with doesn’t necessarily need to be based in Northern Ireland themselves. Lenders right across the UK can offer you an NI business loan, and it pays to compare different lenders because both lending criteria and interest rates can vary quite considerably.

How much can I borrow?

The amount you’re able to borrow will vary from one lender to another, with every lender having their own maximum loan amount and some also having a minimum amount you can borrow.

Risk factors that will be used as part of the lending decision will also influence how much you can borrow – if you or your business have a poor credit history you will likely be offered a smaller loan amount, while businesses with low turnover or high levels of outstanding debt will likely be offered smaller loan amounts as well.

So I can still take out a business loan even if I have a poor credit history?

Your options will definitely be more limited if you have a history of missed payments or CCJs, because some lenders will refuse to lend to you, but it is still sometimes possible to find a suitable NI business loan even with an adverse credit history.

How long will I have to repay the loan?

That will depend on the lender you decide to go with – some lenders will offer business loans with payment terms of two years or three years, while others may offer a loan term of five years or more.

In most cases the minimum term for an NI business loan will be one month.

What can I use my NI business loan for?

With most lenders you will be able to use your business loan for anything related to starting up, growing or running your business, including hiring staff, buying equipment, purchasing or leasing business premises, or paying suppliers.

So the lender doesn’t need to know why I’m taking out the loan?

In most cases the lender will ask the reason your business is taking out the business loan, and this information may be used as part of the lending decision.