Bank of Scotland Business: Funding and Support for Your Company

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Bank of Scotland Business
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So you have a business idea you’re ready to get off the ground or want to take your existing company to the next level. That’s great, but as any entrepreneur knows, funding and support are essential to success. Luckily, Bank of Scotland Business is here to help. They understand what it takes to build a business and have solutions tailored for companies of all sizes.

Whether you need a small business loan or commercial finance, Bank of Scotland Business has you covered. Their dedicated business managers provide guidance and expertise to help choose the options that suit your needs. They make the process simple so you can focus on what really matters: growing your business.

With over 200 years of experience, Bank of Scotland Business knows Scottish businesses and the challenges they face. They’re invested in your success and work as a trusted partner to help you achieve your ambitions. So if you’re looking for a bank that treats you like more than just another number in the system, look no further than Bank of Scotland Business.

Overview of Bank of Scotland Business Banking

Bank of Scotland Business offers comprehensive banking solutions for companies of all sizes.###

For small and medium-sized enterprises (SMEs), Bank of Scotland Business provides business bank accounts with fee-free banking for startups, overdrafts to help with short-term funding, and loans from £1,000 up to £25 million. They offer invoice financing so you can access money owed to your business quickly, as well as asset and property finance.

Larger corporations can take advantage of more complex solutions like commercial mortgages, syndicated loans, interest rate hedging, trade finance, and transaction banking. Bank of Scotland Business also provides international trade services to facilitate importing and exporting.

  • Business bank accounts: Fee-free for startups and access to overdrafts and loans
  • Loans and overdrafts: From £1,000 up to £25 million for SMEs
  • Invoice and asset finance: Access money owed to your business or finance business assets
  • Commercial mortgages and property finance: For purchasing or refinancing business property
  • International trade services: Support for importing, exporting and foreign exchange

Whether you need basic banking, funding to start or grow your business, or more sophisticated financial solutions, Bank of Scotland Business aims to support companies through every stage of their development. With a nationwide presence, 24/7 UK-based call centers, and a commitment to building personal relationships, they provide the level of service you’d expect from a top UK bank.

Business Current Accounts Offered by Bank of Scotland

Bank of Scotland offers several business current account options to suit your company’s needs.###

As a small business owner, their Start-up Account is ideal. It has no monthly fees for the first 18 months and comes with 20 free business transactions a month, like checks deposited or direct debits. After 18 months, it’s just £5 a month. This flexible, low-cost account makes it easy to manage your finances as you scale up operations.

For established businesses, the Business Extra Account provides premium benefits for £7 a month. You’ll get 50 free business transactions, business overdrafts up to £25,000, and access to a business savings account with a competitive interest rate. Business Extra also includes free fraud liability cover up to £1 million and free business travel insurance.

If you frequently transfer money internationally, consider the Business Currency Account. For £10 a month, you’ll get no foreign transaction fees on international payments in 15 major currencies. You’ll also benefit from competitive exchange rates on international money transfers using the bank’s online platform. This can potentially save you hundreds each year compared to traditional banks.

No matter which account you choose, you’ll have access to online and mobile banking, a dedicated business manager, and 24/7 UK-based customer support. Bank of Scotland has been helping businesses for over 300 years, so you can feel confident relying on their experience and expertise.

Loans and Finance Options for Businesses

The Bank of Scotland offers several lending and finance options tailored to the needs of businesses. Whether you need funds to start or grow your company, they have solutions to help.

Business Loans

Business loans provide you with a lump sum of capital to use as you see fit for your company. Repayment terms are between 1 to 25 years. Options include:

  • Start Up Loans: For new businesses, with funding up to £25,000. Low-interest and flexible repayment plans.
  • Small Business Loans: For established businesses, with funding from £1,000 up to £25,000. Repayment terms of 6 months to 5 years.
  • Commercial Mortgages: For purchasing or refinancing commercial property. Terms up to 25 years.

Lines of Credit

Lines of credit provide access to funds that you can draw from as needed. You only pay interest on what you use. Options include:

  • Revolving Credit Facilities: Flexible line of credit for working capital with limits up to £200,000. Interest-only payments for the first 6-12 months.
  • Commercial Mortgage Credit Lines: Use the equity in your commercial property as collateral for a line of credit. Credit limits up to 65% of your property value.

Invoice Financing

If you need funds tied up in outstanding customer invoices, consider invoice financing. You provide details on your unpaid invoices and receive a percentage of the total invoice value upfront. Options include:

  • Invoice Discounting: You control customer collections. Advance rates up to 85% of invoice value.
  • Factoring: The bank purchases your invoices and handles collections. Advance rates up to 90% of invoice value. Fees apply.

The Bank of Scotland’s business financing solutions provide the funds and flexibility companies need to prosper. Their dedicated relationship managers can help determine what options are right for your unique situation.

Other Business Services Provided by Bank of Scotland

Beyond just providing funding for your business, Bank of Scotland offers additional services to support your company’s growth and success.

Free Business Banking

Bank of Scotland’s business current accounts are free of charge with no monthly fees. They offer features like unlimited free business transactions, mobile banking, and a personalized business relationship manager.

Cash Management

Managing your business’s cash flow is crucial. Bank of Scotland provides solutions to automate payments and receivables, reconcile accounts, and gain real-time visibility into your cash position. Their cash management dashboard offers data and insights to help you make smart decisions about your money.

International Trade Services

For companies doing business abroad, Bank of Scotland facilitates import and export transactions with their international trade services. They can issue letters of credit to support your export business and provide guidance on international regulations and compliance. Their foreign exchange specialists help you manage currency risk and get competitive exchange rates.

Business Insurance

To safeguard your company’s assets, Bank of Scotland partners with leading insurers to offer reasonably-priced coverage like property, liability, vehicle, and travel insurance for your business. Bundle multiple policies together for the best rates.

Business Loans and Credit

In addition to their range of business bank accounts and overdrafts, Bank of Scotland provides secured loans, unsecured loans, asset finance, invoice finance, and business credit cards to meet your company’s borrowing needs. Their lending experts can find a solution customized for your unique situation.

With a full suite of business solutions available, Bank of Scotland aims to be your trusted partner for life. Their dedicated relationship managers and UK-based call centers provide support whenever you need it. Let Bank of Scotland help your business go further.

How to Apply for a Bank of Scotland Business Account

To open an account with Bank of Scotland Business, follow these simple steps:

Gather the Necessary Documents

To get started, gather some important documents for your business including:

  • Your company registration number
  • Business plan or financial projections
  • Proof of identification for business owners and signatories
  • Recent business bank statements (if switching from another bank)

Choose an Account

Bank of Scotland Business offers several account options for small and medium companies. Select an account that suits your needs, such as:

  • Business Current Account – For everyday banking with a low or no monthly fee
  • Business Savings Account – For earning interest on surplus funds
  • Business Loan or Line of Credit – If you need funding to start or expand your company

Apply Online or In-Branch

You can apply for a Bank of Scotland Business account either online through their website or by visiting your local branch. The online application typically only takes around 10 to 15 minutes to complete. In either case, be prepared to provide details about your business, owners, financials, and the specific products you want to open.

Finalize the Details

Once your application has been reviewed and approved, you will receive notification from the bank. They will schedule a meeting, either in-person or over the phone, to review and sign the account agreements. You’ll provide a specimen signature for account signatories and arrange to fund the account.

Funding the account, whether by electronic transfer, cheque, or cash, officially opens your new Bank of Scotland Business account. You’re now ready to start banking and potentially access additional benefits like business credit cards, merchant services, and more.

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So there you have it, an inside look at Bank of Scotland Business and what they offer to help your company grow and thrive. From loans and lines of credit to tailored advice, they provide the financial fuel and expertise to take your business to the next level. While running a company certainly isn’t easy, knowing you have a strong banking partner in your corner can help give you the confidence to pursue new opportunities and navigate challenges. At the end of the day, their goal is your goal – to see your business succeed and reach its full potential. If that sounds like the kind of support your company could benefit from, get in touch with their business banking team. They’re ready to work with you to customize solutions for your unique needs and help make your business ambitions a reality.

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