Lloyds Bank has announced the removal of term lending arrangement fees for small businesses.
Business customers borrowing up to £25,000 will no longer be required to pay an upfront arrangement fee.
Business loans over £25,000 will require arrangement fees of 1.5%, while other fees may apply if a customer borrows on a secured basis.
Jo Harris, managing director of retail business banking at Lloyds, said: “At Lloyds Bank, we want to make it easy for business customers to bank with us.
“That's why we have completely removed arrangement fees from our business loans for amounts under £25,000, taking away the upfront costs of setting up a loan.
“We are committed to helping UK businesses prosper so that they can focus on what they do best: making their business thrive.”
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