^£150k IT Support Business Loan – Apply Now

A secured term loan is usually aimed at IT support businesses with at least 2 years of accounts, although some lenders may accept less if cash flow is strong. Alongside a credit and affordability assessment, security against business assets may be requested. Personal guarantees are common for SMEs, particularly where security is limited. Typical SME amounts often range from £50,000 to £250,000, with terms commonly 24 to 60 months. Indicative APR ranges can be around 9% to 18%, depending on risk and lender structure.

An unsecured term loan is commonly suited to SMEs where lenders are comfortable with repayment ability without collateral. Eligibility is still assessed through credit/affordability checks, and personal guarantees may be required. Typical amounts are often around £25,000 to £150,000, with terms commonly 18 to 48 months. Indicative SME APR ranges can sit around 11% to 22%, depending on underwriting outcomes. You may see an initial credit decision in about 1 to 2 weeks once documentation is provided.

An asset-backed (equipment) term loan is more common when identifiable, financeable assets can be valued, such as IT hardware or software licences used in delivery. Lenders typically want evidence of ownership and details of the equipment or licences, plus an assessment of resale value or recoverability. Typical amounts can range from £40,000 to £200,000, with £150,000 often fitting where the equipment base supports it. Terms are often 24 to 60 months, with indicative APR ranges around 8% to 16%. Decision times are frequently 2 to 4 weeks due to verification requirements.