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Starling Bank enhances product offering for SMEs

Sam Monk | 15:29 Wednesday 15th January 2020

Starling Bank has enhanced its product offering for businesses and sole traders with a range of new features.

The specialist bank’s new range includes an unsecured term loan from £5,000 to £250,000 over one to five years, available to limited companies which have been trading for at least 18 months.

Business overdraft limits have been increased from £10,000 to £150,000 and Starling has replaced its flat rate of 15% EAR (variable) with a rate of 5%, 10% or 15% EAR (variable).

In addition, it will offer risk-based overdraft fees from as low as 5%.

Starling Bank has also launched its first paid-for features for SMEs in the form of the business toolkit.

This is available to sole traders for £7 per month and limited companies for £12 per month and includes new tools to track invoices, monitor cash flow, keep track of how much tax and VAT they owe and submit VAT returns through HMRC making tax digital-compliant software.

Customers wanting to sign up to the new toolkit can join the waiting list and the first 500 eligible customers will receive free access to the feature for five years.

Anne Boden, founder and chief executive at Starling Bank (pictured above), said: “Our improved lending facilities and our first premium accounts show that Starling really does mean business when it comes to business accounts.”

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