United Trust Bank has launched a product designed to help professionals pay down their business costs.
The new proposition offers unsecured professional loans for purposes such as payments due to HMRC, professional indemnity premiums and practicing certificates. A range of professions including solicitors, accountants, architects, barristers, doctors, dentists, opticians and pharmacists will be eligible.
Each loan will be agreed on a case-by-case with the borrower, with a maximum term of 12 months and loans ranging between £10,000 and £300,000. The interest rate offered on each loan will be agreed between UTB and the borrower, based on an assessment of the borrower’s 12-month cash flow forecast. UTB will use this information to weight the risk of providing the loan.
The new facility has been developed and managed by UTB head of professional lending and technology finance Kevin Flowerday, who says: “Our professional lending division is the most recent addition to the Bank’s ongoing commitment to the UKs SME sector. We are now providing our professional lending services, via our partner network of brokers and intermediaries, to help support the market working capital requirements.
“We understand the professions sector – how professional businesses are funded, partner requirements for equity and performance, and the regulatory requirements in a constantly evolving marketplace.”