The Standards of Lending Practice for business customers provide protections for SMEs with a consolidated turnover of up to £25 million across loan, commercial mortgage, overdraft and credit card products.
The Standards of Lending Practice for business customers applies to businesses/organisations, which at the point of lending:
- have an annual turnover of no more than £6.5 million in its last financial year (exclusive of VAT and other turnover related taxes), and;
- do not have a complex ownership structure (for example, businesses with overseas, multiple, or layered ownership structures).