When it comes to securing business finance, it’s vital to make an informed decision. Find answers to frequently asked questions to guide you through the process. For unanswered questions, please contact us.
We provide tailored finance solutions for your business needs. Options include Unsecured Business Loans up to £350,000, Secured Business Loans up to £1.5 million, Bridging loans from £200k to £2m, Business Cash Advances starting at £10,000, and Regulated Business Loans for sole traders and unincorporated partnerships below £25,000.
What kind of businesses do you fund?
Our secured and unsecured business loans are for UK SMEs that are either limited companies or LLPs, trading for 2 years or more. Business Cash Advances are available for limited companies, sole traders, or partnerships trading for a minimum of 6 months. Start-ups are not eligible for loans.
Do your loans require security?
We offer both unsecured and secured loans. Unsecured loans require no security, but for limited companies, we request a personal guarantee from at least one director or shareholder. Secured loans may require a debenture over the company or a charge on personal or commercial property.
Do you work with brokers and introducers?
Yes, we partner with brokers and introducers. We provide training, dedicated account management, and competitive commission fees. As Patrons of the NACFB, we are committed to expanding our network.
To register as an introducer, please visit our Introducer Registration page and follow the instructions.
For access to the Introducer Portal, click the provided link and email broker@momentafinance.co.uk for login details. If you experience any problems, contact the same email address, and our team will assist you promptly.
Eligibility
What are the eligibility requirements for a Momenta Finance loan?
To determine eligibility, we consider various factors such as trading history, annual turnover, and card sales (for Business Cash Advance). For Business Loans, your company should have been actively trading for at least 24 months with a minimum average annual turnover of £200,000. For Business Cash Advance, your business needs to have been taking card payments for the last 6 months with a minimum monthly average of £10,000 in card sales.
Will you still lend if I have bad credit?
When considering an application your credit history makes up only part of our analysis. Multiple factors are taken into account when assessing your application, including affordability and trading history. Although we try our best to help all businesses that approach us for funding, we also have a responsibility to ensure that we only lend to a business if we believe that it can afford the repayments.
Application Process
How do I apply for a Momenta Finance Loan?
We recommend using our short online quote form for loan applications. It only takes 1-2 minutes, and we’ll contact you within 24 hours of your application.
What documents are required?
Typically, we require the latest 3 months of bank statements or consent for Open Banking, along with the latest filed financial accounts. For Business Cash Advances, 6 months of merchant statements are needed. Additional information or documentation may be requested based on the application.
What is Open Banking?
Open Banking allows access to better financial services by sharing transaction data securely. You retain control over who sees your data and can withdraw permission at any time. Momenta Finance uses Consents.Online, regulated by the Financial Conduct Authority, for data access. Learn more on the Open Banking website.
How long does the process take?
Requesting a quote takes a few minutes. We aim to provide an answer on the same day or within 48 hours after receiving your loan application and supporting documents. Once approved, funds can be transferred within 48 hours, subject to required information for loan documentation.
Am I committed to a loan after applying or being approved?
No. Applying is free, and there are no commitments until you sign loan documentation and receive funds in your account.
Fees, Charges and Repayments
How much am I eligible to borrow?
Loan amounts vary depending on the type of loan. Typically, we can lend up to 15% of your company’s annual turnover. For Business Cash Advance, we consider around 120% of your average monthly card takings. As your business grows, we can explore increasing this limit.
Are there any set-up fees?
Business Cash Advances do not have any arrangement fees. For business loans, a small arrangement fee is charged, which is spread over the loan term and not payable upfront.
How do I make repayments?
Repayments are collected via monthly direct debit. Additional payments can be made through bank transfer, debit card, or PayPal.
What if I can’t make a repayment on time or if I miss a payment?
If you anticipate missing a payment or are struggling to repay on time, please contact us at 0800 848 8480 to discuss your situation. We practise ethical lending and work with borrowers to find a solution, so reach out to your account manager for assistance.
Can I make additional repayments or settle my loan early?
You can make over-payments of up to 10% of the outstanding loan balance annually without incurring any early settlement fees. For early settlement, fees apply based on the timing of the settlement. Contact us at 0800 848 8480 or email contact@momentafinance.co.uk to discuss early repayment options.
Privacy and Security
Is my personal data secure?
Yes, we prioritise the security of your personal data. Our data is fully encrypted, and we do not share any details with third parties without your consent.
What are Momenta Finance’s accreditations?
Momenta Finance is a member of the Federation of Small Business (FSB), British Institute of Innkeeping (BII), and a patron of the National Association of Commercial Finance Brokers (NACFB). We’re authorised and regulated by the Financial Conduct Authority (company reference number 722951).
Growth Guarantee Scheme (GGS)
What is The Growth Guarantee Scheme? (GGS)
The Growth Guarantee Scheme launched in July 2024 and is designed to support access to finance for UK small businesses as they look to invest and grow. Businesses that took out a CBILS, CLBILS, BBLS or RLS facility are not prevented from accessing GGS, although in some cases it may reduce the amount a business can borrow.
GGS aims to improve the terms on offer to borrowers. If we can offer a Momenta Finance business loan on better terms, we will do so. GGS-backed facilities are provided at our discretion and we are required to undertake our standard credit and fraud checks for all applicants.
If you already have a GGS loan with us and require help, please contact us on 0800 848 8480.
Is Momenta Finance accredited for GGS?
Momenta Finance is proud to have partnered with the British Business Bank as an accredited Growth Guarantee Scheme (GGS) provider.
How do I apply for a Growth Guarantee Scheme Loan?
You can apply for the Growth Guarantee Scheme (GGS) using our online form available here. We’ll then assess your application and confirm whether we can offer you a GGS or a small business loan.
Who is not eligible under GGS?
The following are not eligible under GGS:
Banks, Building Societies, Insurers and Reinsurers (excluding Insurance Brokers)
Small business loans are what we do, all day, every day. Our specialist team from account management through to credit understand businesses just like yours and want them to succeed.
We are a member of the Federation of Small Business (FSB), Consumer Credit Finance Association, Association of Alternative Finance Brokers and a Patron of the National Association of Commercial Finance Brokers (NACFB). We are also registered with the Financial Conduct Authority. This means we adhere to their codes of practice and are uncompromising, in our principles and practise ethical and responsible lending at all times.
