The engagement letter is our agreement with you. It sets out the work we'll do and our fees. We send it once a lender has issued an Agreement in Principle (AIP). You don't have to sign it, and if you don't, you owe us nothing. If you sign it, you pay a retainer, which is credited in full against our success fee when your facility completes.
What the engagement letter covers
- the advisory work we'll do on your case
- our fees: the success fee and the retainer
- what happens if no lender offers you a facility
The retainer
- Paid on signing, set by your facility size: £500 up to £250,000, £1,500 up to £500,000, £2,500 up to £1 million, £3,500 up to £5 million, and £5,000 above that.
- Credited in full against the success fee at completion.
- Non-refundable once paid. If you've signed and your facility doesn't draw down, it's the only fee you pay. See What if no lender offers me a facility?.
The success fee
Charged on our marginal-rate scale and payable only on drawdown. See How much does bizbritain charge for a business growth loan?.
Acquisitions
For acquisition finance, the engagement letter also sets out an abort fee. It applies only if you've signed and then decide not to proceed after a lender has issued a credit-approved offer. Growth finance: no abort fee. See the commission policy.
Simple deals
Simple deals that need no advice and are funded by lender commission don't carry a retainer, success fee or abort fee. See Do you take commission from lenders?.
Facilities up to £100,000
We check Start Up Loan eligibility first. If you're eligible, there's no engagement letter or fee. See I need less than £100,000. Should I get a Start Up Loan instead?.
Last reviewed: 8 October 2026