Starling bolsters support for businesses and sole traders with new loan solutions

Charlie Spargo's picture
by Charlie Spargo

Starling Bank, the FinTech founded in 2014, is supercharging its bank accounts for businesses and sole traders with a range of new features, including unsecured loans of up to £250,000.

Starling is also launching its first paid-for features for businesses, providing access to a business toolkit that will set sole traders back £7 a month, and limited companies £12 a month. Their accounts for sole traders and businesses will remain free to open and use.

The selection of banking solutions also include an increase in overdraft limits from £10,000 to £150,000 and more competitive overdraft rates - replacing its flat rate of 15% EAR (variable) with a rate of 5%, 10% or 15% EAR (variable) depending on company assessment.

The business toolkit will enable users 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. The first 500 eligible customers to sign up to the waiting list on Starling's website will qualify for five years of free access to the toolkit.

Anne Boden, Founder and CEO 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.

“Our loans and overdrafts will be particularly helpful for businesses that rely on working capital, but may have gaps in their cash flow across the month or for a period of months.

“We now have nearly 100,000 business accounts. Our improved lending facilities and our first premium accounts show that Starling really does mean business when it comes to business accounts.”