Frequently asked questions

In many cases, an initial decision can be made within 24 to 48 hours after your broker submits the application.

No. While we focus on SMEs, our broker partners work with limited companies, sole traders, and partnerships.

For Hire Purchase, a 10% deposit is often required. However, for leasing or certain specialist products, low-deposit options may be available depending on your credit profile.

Absolutely. Asset refinancing is a common way to release working capital from your existing fleet or machinery.

You can usually return the asset, extend the lease at a reduced rate, or sell the asset and keep a significant part of the sale price.

No. We simply refer your details to a suitable broker from our panel, based on your requirements, who then manages the application process with the lenders.

This depends on your turnover and credit history. Unsecured loans typically range from £10,000 to £250,000, while secured loans can go much higher.

Lenders look at time in business as a sign of stability. Companies with less than two years of trading history are statistically more likely to default, so lenders charge more to cover that risk.

Yes. Our brokers have access to specialist lenders who look at your current cash flow and future potential rather than just your past credit score. There are specific lenders who operate in this market, but with higher interest rates.

Unsecured loans can often be approved and funded within 24 to 48 hours. Secured loans take longer because the assets involved must be valued.

For most standard unsecured loans, you just need your latest accounts and bank statements. Startup loans and larger secured loans will usually require a formal business plan.

This varies by lender. Your matched broker will highlight any early exit fees before you commit to a loan.

It is a commitment from a business director to personally repay the loan if the company is unable to do so. This is standard for most unsecured SME loans.

Most business loans are flexible. Common uses include hiring staff, buying stock, refurbishing premises, or managing a seasonal cash flow dip.

Yes, our calculators and introduction service are 100% free for you. We receive a fee from our broker partners only if your loan is successful.

Asset finance and invoice finance are popular options with a higher acceptance rate, as they have a lower risk for the lender as they are secured on either an asset or an invoice (debtor).

Neither. We simply refer your details to a suitable broker from our panel, based on your requirements, who handles the formal advice and application process.

This page focuses on limited companies, since lender criteria, deposit expectations, and rates often differ for sole traders. If you trade as a sole trader, our brokers can still help, just via a slightly different route.

A deposit roughly equivalent to the vehicle's VAT is common, though specialist or higher-value vehicles, and companies with a thinner balance sheet, may be asked for more.

Many lenders look for at least two years of trading history for their most competitive rates, though newer companies are often still eligible, usually at a higher rate or with additional conditions.

Yes. Lenders typically look at the company's net worth alongside its trading history and credit record when setting terms, and a stronger balance sheet generally leads to better rates.

Most lenders will fund used vehicles as well as new ones, though there's usually a maximum age the vehicle can reach by the end of the agreement, often around eight years old.

Most commercial vehicles qualify, including vans, HGVs, buses and coaches, recovery trucks, plant and agricultural machinery, and specialist conversions such as ambulances or horseboxes.

Terms commonly run from one to seven years, with heavier or longer-life vehicles, such as HGVs or coaches, often able to stretch toward the longer end.

The vehicle becomes the company's outright property, free of any further obligation to the lender.

Yes. If your company owns a vehicle outright, refinancing it can release a percentage of its value as a lump sum, while you carry on using the vehicle as normal.

Not necessarily, though it will usually mean a smaller panel of lenders and a higher rate. Specialist lenders on our panel work with companies that have a less than perfect credit history.

It often is, particularly for newer companies or larger borrowing amounts. Your matched broker will confirm what's needed for your specific application.

Neither. We simply refer your details to a suitable broker from our panel, based on your requirements, who handles the formal advice and application process.

Most physical assets used to run your business, including plant and machinery, construction and agricultural equipment, office and IT kit, and retail or hospitality fit-out.

Yes. Many of the 70+ lenders our brokers access will fund good quality used machinery and equipment, though terms and maximum funding levels can be tighter than for new kit.

For Hire Purchase, a deposit of around 10% is common, though some lenders are more flexible. Finance Lease often needs little more than the first monthly rental.

You can usually extend the lease at a reduced rate, return the equipment, or sell it on behalf of the lender and keep a share of the proceeds.

You do. Whether you choose Hire Purchase or a Finance Lease, you're responsible for keeping the equipment maintained, insured, and in good working order throughout the agreement.

Often, yes. Specialist lenders on our panel work with bespoke plant and machinery, though valuation and approval can take a little longer than for standard kit.

No. Our broker partners work with limited companies, sole traders, and partnerships.

Straightforward applications for standard equipment can sometimes be approved within 24 to 48 hours. Bespoke or higher value equipment may take longer due to valuation checks.

Yes. Equipment refinance lets you release a percentage of the value of equipment you've already paid for, while you continue using it.

It often is, particularly for newer businesses or unsecured elements of a deal. Your matched broker will confirm what's needed for your specific application.

The equipment is usually held as security for the agreement, so missed payments can put it at risk of repossession. Speak to your lender as early as possible if you're struggling, as most lenders would rather agree a revised plan than repossess equipment.

SME Money is a business finance broker. You complete one application and we match you with the most suitable lenders from our panel of 70+ providers. You then compare offers and choose the best deal for your business.

SME Money is not a lender or a broker. We use our technology to refer UK businesses' details to specialist broker partners, based on their requirements, who between them have access to over 70 lenders and insurers. Our service is free to use - we receive a payment from the broker only if funding is successfully arranged.

No. Our initial application process uses a soft credit check which has no impact on your credit score. A hard credit check is only conducted by lenders once you choose to proceed with an offer.

No. Our website, calculators, and introduction service are completely free for you to use. We are paid by our broker partners only when a successful match leads to funding being arranged for your business.

Once approved, funds can be in your bank account within 24–48 hours for most products. Some products like commercial mortgages may take longer due to the nature of the finance.

We work with UK limited companies, sole traders, partnerships, and LLPs across most sectors. Whether you are a startup looking for your first facility or an established SME seeking growth capital, our broker partners can usually help.

We work with sole traders, partnerships, limited companies, and LLPs across most industries. Your business typically needs to have been trading for at least 6 months and have a UK bank account.

It depends on the type of funding. Some unsecured business loans and merchant cash advances can be approved and funded within 24 to 48 hours. More complex products like secured loans, asset finance for specialist equipment, or shareholder protection insurance may take longer due to underwriting and valuation requirements.

Our short application form asks for basic details about your business - your sector, trading history, and what you need funding for. Your matched broker will then request any additional documentation, such as recent bank statements or accounts, as part of their application process.

Completing our introduction form does not affect your credit score. Your matched broker may carry out a soft credit search to assess the best options for your business, which is also not visible to other lenders. A full credit search is only performed when you formally apply through your broker.

Neither. We simply refer your details to a specialist insurance brokerage, based on your requirements, who then places cover with an insurer from their panel and handles the regulated advice.

Some insurers will cover groups as small as two or three employees, so even a small company can usually set up a scheme.

Most won't, since schemes typically include a free cover limit with no medical underwriting required up to that amount. Cover above the limit, or for anyone with a known health condition, usually needs individual underwriting.

A multiple of salary is the most common approach, often somewhere between two and four times annual salary, though the right level depends on your team and budget.

Cover usually ends when their employment ends, in the same way other employment benefits do.

Yes, death-in-service is simply another name for the same type of cover.

A registered scheme sits within pension tax rules and is tested against the Lump Sum and Death Benefit Allowance. An excepted scheme sits outside those rules entirely, which suits higher earners but needs a more complex trust.

Yes. Premiums are generally based on the age, salary, and number of people in the scheme, so cost typically rises as the team gets older or grows.

No, premiums paid by the company are not normally treated as a taxable benefit in kind for employees.

Many schemes allow this, with the company providing a core level of cover and employees able to add extra cover at their own cost.

Because the scheme is normally written into trust, payments can usually be made fairly quickly once a claim is confirmed, without waiting for probate.

Yes, directors who are also employees can usually be included in the same scheme as the rest of the team.

No. We simply refer your details to a suitable broker from our panel, based on your requirements, who then searches the market to find the best invoice finance deal for you.

Most lenders will advance between 70% and 90% of the invoice value immediately. The remaining balance is paid to you, minus fees, once the customer pays.

Not necessarily. Lenders look primarily at the creditworthiness of your customers. This makes it a great option for startups or businesses in recovery.

With Factoring, yes. With Invoice Discounting, it is usually completely confidential.

Yes. Many of the 70+ lenders our brokers work with specialise in export and international trade finance.

Some lenders require a minimum annual turnover of £100,000, but our brokers have access to specialist providers for smaller startups too.

A full ledger facility can take one to two weeks to set up. Selective invoice finance can often be arranged much faster.

Only if you choose a whole-ledger facility. If you want more control, Selective Invoice Finance allows you to fund only the invoices you choose.

You can opt for Bad Debt Protection (Non-Recourse Finance). This protects your business if a customer becomes insolvent or fails to pay.

You typically pay a service fee (for the administration) and a discount rate (interest on the money you draw down). Your broker will explain these clearly before you sign.

There can be restrictions if you are heavily reliant on a few key accounts. Typically, this would be a restriction on lending or a lower percentage of the invoice being funded. You can also have your percentages changed if clients regularly go out of scope for the terms you have agreed with them.

Often, yes. This is because the lender is relying on the strength of the debtor's business and their ability to pay, rather than just yours.

Neither. We simply refer your details to a specialist insurance brokerage, based on your requirements, who then places cover with an insurer from their panel and handles the regulated advice.

Yes. Key Man Insurance, and the more inclusive Key Woman Insurance, are older names for the same product. Key Person Insurance is the more common term today, but you'll still see all three used interchangeably.

Anyone whose death or serious illness would genuinely hurt the business's profits, which could be a director, but just as easily a top salesperson, a technical specialist, or a founder who isn't a shareholder at all.

They might, but only if the policy meets HMRC's conditions, mainly that it's solely there to cover loss of trading profit rather than protecting a shareholding or a loan. It's worth confirming this with your accountant before assuming the premiums are deductible.

It depends on how the premiums were treated. If premiums were deductible, the payout is normally taxed as trading income. If premiums weren't deductible, the payout is usually tax-free, though this should be confirmed for your specific policy.

You can, but if they hold a significant stake, often more than around 5%, HMRC may treat the policy as protecting their shareholding rather than the business's trading profit, which changes the tax treatment. A related product, Shareholder Protection, is often a better fit if the main goal is buying out a shareholder's stake.

Key Person Insurance protects the business against the financial impact of losing someone's input. Shareholder Protection is specifically designed to fund the buyout of a deceased shareholder's stake, usually alongside a separate legal agreement. Many businesses use both for different reasons.

No. Unlike personal or family-focused protection policies, the company itself owns a Key Person policy and is the one paid out to, so there's no trust requirement here.

Yes, though each person is usually underwritten and covered on a separate policy rather than one combined policy.

Cover usually needs to be cancelled or reassigned, since it's tied to that specific individual's role and value to the business at the time it was taken out.

Yes, most insurers on our panel can combine critical illness with life cover, so the business is also protected if a key person survives a serious illness but can't work for some time.

There's no single formula, but it's commonly based on a multiple of the key person's salary, their contribution to profit, or the cost of recruiting and training a replacement. Your matched brokerage can help work out a sensible figure for your business.

Neither. We simply refer your details to a suitable broker from our panel, based on your requirements, who handles the formal advice and application process.

This depends on your card sales, but amounts typically range from around £5,000 up to £500,000, occasionally higher for larger, well-established businesses.

Repayments are usually collected automatically as a percentage of your daily or weekly card sales, so what you repay moves with how much you take through the till.

No. Merchant and business cash advances are unsecured against property or equipment, though a personal guarantee may still be required depending on the lender.

Most advances run for somewhere between three and eighteen months, depending on your sales volume and how the agreement is structured.

It plays a part, but providers focus more heavily on your recent card sales or bank turnover than on a traditional credit score, which is why businesses with a less than perfect credit history are often still eligible.

Most providers ask for a minimum of six months trading history, though some want closer to twelve months of consistent card sales.

Because repayments are usually a percentage of sales rather than a fixed amount, a quiet month should mean a smaller repayment rather than a missed one, though it's worth checking exactly how this works with your matched broker, as structures vary by lender.

Not usually. Most cash advances are priced as a fixed total repayment from the outset, so settling early doesn't typically reduce the overall cost the way it would with a standard loan.

It's most common among cafes, restaurants, bars, salons, and retail shops - broadly any business that takes a steady volume of card payments - though a business cash advance can widen that to most types of trading business.

Many providers will consider an additional advance once a set portion, often around 60%, of the existing one has been repaid.

A business loan usually has a fixed monthly repayment and a set term, while a cash advance moves with your sales. If your card or bank turnover is irregular that flexibility can be useful, though it's worth asking your broker to compare the total cost against an unsecured loan before deciding.

Neither. We simply refer your details to a specialist insurance brokerage, based on your requirements, who then places cover with an insurer from their panel and handles the regulated advice.

Any genuine employee of a UK limited company, including a director who is also an employee, can usually be covered, including in a company with just one director-employee.

No. Relevant Life Cover is only available to employees of a limited company, and sole traders and partners in a traditional partnership don't have that employment relationship with their own business.

The effective cost is often lower, since premiums are usually paid by the company as a deductible business expense rather than from your own income after tax, but the actual premium still depends on your age, health, and the level of cover.

When the policy meets HMRC's qualifying conditions, premiums aren't normally treated as a taxable benefit in kind, so there's usually no extra income tax or National Insurance for you personally.

When the policy is written into trust correctly, the payout is normally free of income tax and sits outside your estate for inheritance tax purposes.

Cover is tied to your employment, so it usually has to stop if you leave, which is worth bearing in mind if you're planning to move on or retire.

Not in the same exempt structure. Relevant Life Cover is designed as life cover only, though some policies allow an optional Waiver of Premium benefit, and a separate personal or business policy may be more suitable if you want critical illness cover too.

Yes. The death benefit must be payable before a specified age that can't exceed 75 under HMRC's rules, so cover doesn't run indefinitely into later life.

Straightforward applications with no health complications can sometimes be underwritten within a couple of weeks, though more complex medical histories or higher cover amounts can take longer.

There's no fixed limit, but the level needs to be reasonable in relation to your remuneration and role, since HMRC can challenge cover that looks excessive or disguised as something other than a genuine employee benefit.

Relevant Life Cover protects your family if you die or become terminally ill, with the payout going to them through a trust. Key Person Insurance protects the business itself against the financial impact of losing a key individual, with the payout going to the company. Many director-led companies use both.

Neither. We simply refer your details to a specialist insurance brokerage, based on your requirements, who then places cover with an insurer from their panel and handles the regulated advice.

No. Key Person Insurance protects the business's profits against losing someone's contribution. Shareholder Protection protects ownership and control by funding the buyout of a co-owner's shares. Many businesses use both for different reasons.

Yes, in most cases. It's drafted by a solicitor, not by the insurance brokerage, and it's what gives the surviving shareholders the right to buy the shares and the estate the right to sell them, rather than a binding obligation on either side.

Many arrangements use a single-option agreement for this scenario instead of a cross-option agreement, so a critically ill shareholder has the right to sell if they choose to, but can't be forced to.

No. Cover is usually sized to match the value of each individual's shareholding, so shareholders with different size stakes will typically have different levels of cover.

It's an arrangement to balance out the fact that shareholders often pay different premiums based on their own age and health, which can otherwise create an inheritance tax issue. It's worth discussing with your adviser when the scheme is set up.

Yes, a similar arrangement, sometimes called partnership protection, works the same way for partners in a partnership or members of an LLP.

Common methods include a professional business valuation, an agreed formula such as a multiple of profits, or a regularly reviewed agreed value, and whichever method is used should be checked periodically against the business's actual worth.

No. It depends on the shares meeting HMRC's qualifying conditions, including how the buyout agreement is structured, and the rules can change, so it should never be assumed without checking with a tax adviser.

Shareholder Protection insurance doesn't cover a voluntary departure. That's usually dealt with separately through the company's articles of association or a shareholders' agreement.

Regularly, ideally every couple of years or whenever share values or shareholdings change materially, since cover that's out of date can leave a funding shortfall exactly when it's needed.

No, not in the way this product is designed. Shareholder Protection is for businesses with two or more shareholders; a sole owner has nobody to buy out shares from, or to sell shares to.