Novuna vs Shawbrook Asset Finance: Compare Business Lenders

For UK SMEs comparing asset-backed funding, Novuna Business Finance and Shawbrook Bank both operate in this space, but they occupy different positions in the market. Novuna offers clearly signposted SME asset finance products such as hire purchase and leasing, alongside wider business finance solutions, based on its finance products overview. Shawbrook, by contrast, positions itself as a specialist bank offering structured business lending, including asset based lending, usually for larger or more complex deals.

This comparison looks at how each lender approaches product structure, pricing transparency, eligibility and service. It is designed to help UK businesses understand whether they are better suited to a more traditional asset finance provider or a specialist bank offering broader asset-backed facilities.

1. Products and terms at a glance

Novuna Business Finance

Novuna is positioned as a dedicated provider of SME business finance, with asset finance sitting clearly within its core proposition. Its business finance overview and finance products page show a clear focus on funding equipment, machinery and vehicles through familiar asset finance structures.

• Asset finance: Novuna describes this as a way to spread the cost of equipment and vehicles without tying up working capital, based on its asset finance page.
• Hire purchase: Novuna’s hire purchase guide explains a structure where the business pays a deposit and instalments, with ownership normally passing at the end.
• Leasing options: Novuna also promotes lease-based solutions, including finance lease and operating lease, through its finance products summary.
• Related funding: Through Novuna Business Cash Flow, the wider group also supports invoice discounting and factoring, as shown on its invoice finance eligibility page.

Overall, Novuna’s offer is more clearly productised. For SMEs that want a recognisable asset finance structure, such as hire purchase or leasing for a specific asset, its proposition is easier to map against other mainstream asset finance lenders.

Shawbrook business lending and asset based lending

Shawbrook is positioned differently. It presents itself as a specialist bank rather than a pure asset finance house. On its business pages and business lending overview, it frames funding as part of a wider specialist banking proposition.

• Asset based lending: Shawbrook explains this as a facility secured against a borrowing base of receivables, inventory, plant, property and other assets on its asset based lending page.
• Other business lending: Shawbrook also supports business term lending and event-driven funding such as acquisitions and management buyouts, as shown on its business lending overview.
• Specialist bank model: Its about page makes clear that Shawbrook operates as a specialist bank serving defined borrower segments.

As of 2026, Shawbrook’s public positioning is less about standardised off-the-shelf asset finance and more about tailored asset-based and structured lending. External reporting, such as this Leasing Life article, also suggests its traditional asset finance proposition changed materially in 2025.

Comparing product scope

At a high level, the difference is this:

• Novuna is more relevant if you want straightforward SME asset finance for a defined equipment or vehicle purchase.
• Shawbrook is more relevant if you need a more complex facility built around multiple asset classes or broader corporate funding needs.

That means these lenders overlap, but they do not sit in exactly the same part of the market.

2. Costs and repayments in practice

Neither Novuna nor Shawbrook publishes a complete public tariff of rates, fees or margins for business asset-backed lending. That means pricing has to be treated as tailored in both cases.

Repayment structures

• Novuna asset finance: Usually works through fixed-term instalments, often monthly, under hire purchase or lease arrangements, as described in its hire purchase guide.
• Shawbrook asset based lending: Usually works as a structured or revolving facility secured against a borrowing base, where availability can move with receivables, inventory and other assets, based on its asset based lending explanation.

The result is that Novuna is usually easier to model as a fixed repayment product, while Shawbrook is more likely to behave like a tailored facility where utilisation and cost move over time.

Illustrative comparison table

Worked example 1, single asset hire purchase

This example is illustrative only and does not represent a quote from Novuna.

• Equipment cost: £100,000
• Deposit: 10%, equal to £10,000
• Amount financed: £90,000
• Term: 5 years, paid over 60 monthly instalments
• Total cost of finance: varies depending on the agreed rate and fees

This structure gives predictable monthly outgoings and a clear end point. For many SMEs, that makes it easier to budget and easier to align with the useful life of the asset.

Worked example 2, revolving asset based lending facility

This example is illustrative only and does not represent a quote from Shawbrook.

• Eligible receivables: £1,000,000 at an 80% advance rate
• Eligible inventory: £500,000 at a 50% advance rate
• Theoretical borrowing base: £1,150,000
• Amount drawn by the business: £800,000
• Interest and fees: vary by agreement and utilisation

Under this type of structure, borrowing cost depends not only on the facility terms but also on how much is drawn, how long it is drawn for and what the borrowing base looks like month to month. That makes it more flexible, but also more operationally demanding than a standard fixed repayment asset finance agreement.

Other cost considerations

For both lenders, cost will usually be influenced by:

• business credit profile and trading history
• asset type, age and residual value
• sector risk
• facility size and complexity
• reporting requirements and covenant structure

Because neither lender publishes a full public pricing matrix, the real comparison can only be made through formal quotations and facility documentation.

3. Speed and service

Neither lender publishes a universal approval or payout timeline for all deals, so service speed should be treated as case specific.

Application and decision process

Novuna states on its business finance overview that it aims for speedy release of funds, but it does not guarantee fixed decision times. Its application tips guide makes clear that preparation and information quality matter.

Shawbrook does not publish standard decision times either. On its business lending help pages, the emphasis is more on working with brokers, advisers and specialists to structure the right facility. That can mean more detailed due diligence, especially for complex deals.

Customer support and ongoing relationship

Novuna offers visible support through its contact page, product-specific FAQs such as its asset finance complaints FAQ, and its guides hub.

Shawbrook’s support model is organised through its business help hub and its complaints page. As a bank-led model, the interaction may feel more formal and adviser-led, especially on larger transactions.

In simple terms, Novuna appears more naturally aligned to straightforward asset finance journeys, while Shawbrook appears more aligned to structured, adviser-supported lending processes.

4. Who each lender suits

Typical fit differs more by deal profile than by headline sector.

Novuna may suit businesses that:

• want a relatively straightforward asset finance agreement for equipment, vehicles or machinery
• are SME-sized and need a fixed-term product with predictable repayments
• want clear product explanations and application guidance
• plan to work directly with a provider or via mainstream brokers and suppliers

Shawbrook may suit businesses that:

• need a more complex asset-based lending facility using multiple collateral types
• operate at a more established or mid-market scale
• are undertaking acquisitions, management buyouts or other corporate events
• already work with corporate finance advisers or specialist brokers

That is why the two lenders can both be relevant for asset-backed funding, while still feeling quite different in practice.

5. How to apply

Applying with Novuna

Novuna’s application tips guide suggests that preparation matters. A typical application is likely to involve:

• understanding your credit profile
• preparing financial statements and forecasts
• knowing which assets you want to fund and how long they will be used
• submitting details through direct contact routes or introducers

Novuna also notes through its wider business finance and eligibility materials that documentation requirements vary depending on the product and sector.

Applying with Shawbrook

Shawbrook’s business lending help hub and asset based lending page suggest a more tailored process. In many cases, the route to application is through a broker, debt adviser, accountant or corporate finance adviser.

A typical process is likely to involve:

• initial structuring discussions with an intermediary or Shawbrook team
• submission of financial statements and management information
• review of receivables, inventory, plant or other collateral
• negotiation of borrowing base, terms and covenant package

Eligibility and due diligence

Novuna’s public guidance suggests that UK trading status, usable assets and a reasonable trading record are important. Shawbrook’s public material suggests that established trading history, suitable collateral and stronger reporting capability are important for more structured facilities.

In both cases, due diligence is likely to include financial review, asset review and broader credit assessment.

6. Final verdict

This comparison is less about identifying a universal winner and more about matching lender type to funding need.

Choose Novuna if:

• you need clearly defined asset finance products such as hire purchase or leasing
• you want fixed-term agreements with predictable repayments
• you value sector guidance and a more product-led approach
• you are comfortable engaging directly or through standard brokers and suppliers

Choose Shawbrook if:

• you need a more complex facility using multiple asset classes
• your business operates at a more established or mid-market level
• your funding need is linked to a wider corporate transaction
• you want a specialist bank and are comfortable with adviser-led structuring

In practice, Novuna is the more natural fit for straightforward SME asset finance. Shawbrook is the more natural fit for structured and more complex asset-backed lending. The right option depends on the size of the deal, the collateral available and how bespoke the structure needs to be.

7. Sources

• Novuna Business Finance overview
• Novuna asset finance product page
• Novuna finance products summary
• Novuna Business Cash Flow eligibility
• Novuna hire purchase guidance
• Novuna application tips
• Novuna asset finance for SMEs guide
• Novuna complaints FAQ
• Novuna contact page
• Novuna general complaints policy
• Shawbrook business overview
• Shawbrook business lending summary
• Shawbrook asset based lending product page
• Shawbrook business help hub
• Shawbrook lending help pages
• Shawbrook management buyouts finance
• Shawbrook business documents and information
• Shawbrook complaints process
• Shawbrook about us
• Leasing Life article on Shawbrook pausing asset finance applications
• Finder UK Novuna business finance review, secondary source