Atom Bank cuts business loan rates

The change comes after the Bank of England increased Bank Rate to 0.5% last week, the second increase in as many months.

Atom, 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 its standard secured business loan range in January, which offers variable and fixed rate loans between £2m and £5m, alongside pre-existing loans supported by the Recovery Loan Scheme (RLS).

Atom has cut rates across its whole secured business loan range, including fixed rate products which allow businesses to fix for up to six years.

Paula Mercer, head of lending at Atom Bank, commented: “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.”