Starling expands SME accounts with £250k loan limit
Written by Hannah McGrath
Starling Bank has extended its business offering with loans of up to £250,000 and a financial management toolkit.
The challenger bank last year won £100 million last year from the Capability and Innovation Fund, which is aimed at increasing competition in SME banking.
Starling launched business current accounts in March 2018, and has since provided more than 100,000 online and app-based accounts to SME and sole trader customers.
The expanded service will increase overdraft limits for business accounts from £10k to £150k, along with risk-based overdraft fees from as allow as five per cent.
A custom-built tax and financial management toolkit product is also being offered to sole traders at £7 per calendar month, and limited companies at £12 per month.
The toolkit includes technology that can be used to track invoices, monitor cash-flow, keep track of how much tax and VAT they owe, submit VAT returns through HMRC Making Tax Digital-compliant software and more.
Anne Boden, founder and chief executive 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.”
To learn more – please read the 2019 Digital Trends: Financial Services in Focus report. Download here