Shawbrook Bank in the UK has enhanced its Unsecured Business Loan product for SMEs, increasing the maximum loan amount to £150,000 and extending the repayment term to five years. This update aims to support SME growth initiatives and offer more manageable repayment schedules. Over 400 applications have been received since the product’s launch in November 2023.

The Unsecured Business Loan is tailored to fund various business investments that may not qualify for traditional asset finance. Shawbrook Digital SME Lending managing director Stuart Doignie expressed gratitude to brokers for their feedback in evolving the product to meet client needs. The goal is to provide greater flexibility to a wider customer base and continue supporting the market with innovative lending solutions.

In exclusive negotiations, Shawbrook Bank is considering acquiring ThinCats, a lending company focused on medium-sized enterprises. This potential move could expand Shawbrook’s offerings and further strengthen its commitment to the SME lending sector. The aim is to enhance support for SMEs and bolster growth opportunities in the market.

Read more at Yahoo Finance: Shawbrook enhances Unsecured Business Loan product to boost SME growth