Atom bank has reduced rates across their secured business loan range by up to 17bps (basis points). The change comes after the Bank of England increased their base interest rate to 0.5 per cent last week, the second increase in as many months. Atom bank’s rate is a substantial reduction, making the bank’s offering highly competitive in the market.
Atom bank, who recently hit £1bn in balance sheet lending to SMEs, now offers rates of 3 – 5% for the vast majority of business loans over £2m – the cheapest they’ve been since before the Covid pandemic.
The price reduction comes after the relaunch of their standard secured business loan range in January, which offers variable and fixed rate loans between £2m and £5m, alongside their pre-existing loans supported by the Recovery Loan Scheme (RLS) , which offers SMEs access to funds as they recover from the impact of the pandemic.
Atom bank have cut their rates across their whole secured business loan range, including Fixed Rate products. The fixed rate range allows businesses to fix their rate for up to 6 years, providing peace of mind with the recent (and possible future) Bank of England base rate increases.
Paula Mercer, Head of Lending at Atom bank said, “At Atom bank, we’re delighted to be able to offer businesses market-leading secured loans with a competitive rate to encourage the growth and expansion necessary for their continued success. After the turbulent year that was 2021, it is essential that SMEs have every possible opportunity to run their business to its full potential in 2022.”