Starling Bank

Starling Bank is a digital challenger bank based in the United Kingdom, which focuses on current and business account products.

Who are Starling Bank?

Starling Bank is one of the leading digital banks in the UK. It’s a mobile app-only bank that offers a simple and intuitive way to manage your money, organise savings, make payments, and get financing.

Starling Bank offers both individual and business current accounts. You can open either a sole trader account or a business account for limited companies. For those who operate across borders, Starling Bank also provides a multi-currency account to help businesses deal with US dollar and euro payments.

What type of funding does Starling Bank provide?

When it comes to business finance, Starling Bank offers two main options - business overdrafts and business loans. However, these are currently paused while Starling Bank operates the government’s Recovery Loan Scheme. This scheme aims to help businesses bounce back and grow after being affected by the Covid-19 pandemic.

Once Starling Bank’s regular business loans return, it’s expected that businesses will be able to take out loans between £5,000 and £250,000 in funding. These can be repaid over one to five years and can be managed through the mobile app.

How do you apply for funding with Starling Bank?

While Starling Bank operates the government’s Recovery Loan Scheme, businesses will have to meet those same eligibility requirements to apply.

For Starling Bank’s business loans, the eligibility requirements are fairly simple. To apply for funding, your business will need a Starling business current account. It does not have to be your main account, though.

The company must have at least 18 months of trading history, be a registered limited company, and each director needs to provide a personal guarantee. Credit checks are also used to determine affordability and interest rates.

Once normal services resume, Starling Bank’s business loans can be applied for in just a few minutes all through the app.

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