The upgraded unsecured business loan product, previously only available for capital expenditure, can now be used to fund a wider range of business growth initiatives.
This includes investment in marketing and customer acquisition, recruitment and training, or business expansion and acquisition.
In addition, Shawbrook has increased the maximum deal size to £250,000 and extended repayment terms up to 60 months, offering greater support and flexibility for growing businesses.
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Omar El Faramawi, head of external sales digital SME lending at Shawbrook, commented: “The enhancement of our unsecured business loan product highlights our commitment to supporting ambitious UK SMEs.
“Whether that is scaling operations, launching a new product line or investing in their assets and infrastructure, we want to help more businesses access the funding they need to grow.
“We’ve taken a product that our brokers and customers already trust and made it even more versatile to meet the evolving needs of SMEs.”
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