Starling Bank has introduced a range of new features for its business and sole trader bank accounts.
The new features announced include, unsecured loans of up to £250K, and an increase in its overdraft limits from £10K to £150K. The digital bank also promises more competitive overdraft rates and a custom-built tax and financial management Toolkit.
Anne Boden, founder and CEO of Starling Bank, said: “Life as a small business owner can be a bit of a balancing act and time is often in short supply. We’ve built a range of new features in the Business Toolkit to help save entrepreneurs time and money, while at the same time cutting down on paperwork and hassle.”
“Our loans and overdrafts will be particularly helpful for businesses that rely on working capital, but may have gaps in their cash flow across the month or for a period of months.”
“We now have nearly 100,000 business accounts. Our improved lending facilities and our first premium accounts show that Starling really does mean business when it comes to business accounts.”
Starling is launching its first paid for features for businesses, providing access to its new Business Toolkit. The Toolkit costs £7 per month for sole traders and £12 per month for limited companies.
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In addition, Starling‘s new unsecured loan for business offers between £5,000 and £250,000 over one to five years. It will be available to limited companies that have been trading for at least 18 months.
The interest rate offered is based on an assessment of the business and the representative APR is 7% for loans up to £25,000. For loans above £25,000, Starling’s rates are provided upon application.
Furthermore, the challenger has replaced its flat rate of 15% EAR with a rate of 5%, 10% or 15%, based on assessment of each business.
Sole traders can also apply for an overdraft valued from £250 up to £10,000 at the existing rate of 15% EAR (variable).