Atom increases maximum business loan size and enters care home market

The new range is intended to support business loan customers looking to invest or refinance, enabling a wider range of growth targets for medium sized businesses.

Pricing for the new range is bespoke, based upon the customer’s specific needs and circumstances.

In addition to the launch of larger loans, Atom has also updated its lending policy, allowing it to lend to specialist care and children’s homes. Loans are available up to 75% LTV and will be subject to credit quality.

Tom Renwick, head of business banking at Atom, commented: “After a turbulent few years for businesses, it is imperative that SMEs have every possible opportunity to run their business to its full potential in 2022. Medium sized businesses have been overlooked and underserved by the incumbents and fintech’s alike, so we are delighted to be able to offer SMEs these new larger loans, alongside our incredibly competitive rates and award-winning customer service.

“We believe that the introduction of these larger loans is key to supporting our business customers - many of which may still be recovering from the impact of the pandemic.

“The SME care home market is drastically underserved by lenders. We want to provide these businesses with the option of applying for a loan to help with their running costs, enabling them to get on with their essential work.”

Paula Mercer, head of lending at Atom, added: “Unlike many banks, we don’t take a ‘one size fits all approach’ to pricing with our range of business loans. Every business has different needs and plans for growth, and we understand that. We’re really proud to be able to create pricing plans that reflect the flexibility businesses need post-pandemic.”