Start or grow your own business with a government-backed Start Up Loan delivered by BEF. Borrow up to £25,000 at a fixed rate of 6% per annum. Repay over 1 to 5 years with no penalty for early repayment.
Starting a business can be an exhilarating yet daunting journey. A crucial part of this journey is securing the necessary funding to bring your business idea to life. Start Up Loans offer a unique opportunity for aspiring entrepreneurs to turn their dreams into reality.
A Start Up Loan is a personal loan for business purposes for a term of 1 to 5 years at a fixed rate of 6% per annum. Applications must be aged 18 or over at the time of the application. A credit check will be completed.
As a Business Support Partner for the Start Up Loans scheme, Business Enterprise Fund (BEF) support individuals based in Yorkshire and the Humber, and the North East.
For a Start Up Loan of £11,000 loan repayable over 5 years. 60 monthly payments of £212.66. Rate of interest 6% per annum fixed. Total amount of credit is £11,000. Total interest payable £1,759.60. Total cost of credit £1,759.60. Total amount payable is £12,759.60
Loans of up to £25,000 are available from the Start Up Loans Company. Rates and terms will vary for other loan products from BEF should you not be eligible for the loan. Further information, and terms and conditions are available on request.
Start Up Loans are not just about financial assistance; they're a stepping stone to success. They come with numerous benefits, including:
A Leeds-based chiropractic clinic received £40,000 in Start Up Loans to set up a standalone premises and buy equipment to offer patients a range of wellbeing services.
“We spoke to Start Up West Yorkshire and were recommended the Business Enterprise Fund who have been fantastic. They clearly understood our vision and the entire process was straightforward, taking the stress out of launching a brand new business.”
- Jeff Ben Mayor, director, The Spine Guy
To qualify for a Start Up Loan you need to:
Meeting these criteria means you’re on the path to unlocking your business's potential with a Start-Up Loan. Ready to start? Apply for a Start Up Loan today >
The process starts with a simple online application.
We've provided Start Up Loans since the programme began in 2012. In the last year, we delivered 826 Start Up Loans totalling £9.5m. This investment helped create 661 jobs and safeguard 602 jobs.
Our client-first approach means:
Have questions? We have answers. If you don't see your question here then reach out to us via our contact page.
You can use your loan for lots of different things that will help your business, like buying equipment, getting stock, renting a place, or promoting your business.
But remember, you need to explain in your business plan and cash flow forecast how you'll use the loan to make your business better. You should describe what you'll do with the money and how it will help you start or grow your business.
You can't use the loan to pay off debts, cover training or education costs, or invest in opportunities that aren't part of building a lasting business.
No, you don't put up any assets or personal guarantee as security. What's more, you don't have to pay any fees for the application or early repayment of your loan.
Usually, it takes about six weeks to get everything sorted, but it can be different for everyone. Once you send in your application, one of our Investment Managers will help you move things along.
We've noticed that the more you stay in touch and work with your advisor, the faster you'll get your loan.
Yes, you use a Start Up Loan to purchase a franchise.
Yes, you use a Start Up Loan to purchase a an existing business.
Don't worry if your personal credit history isn't great – it won't automatically stop you from getting a Start Up Loan. But we do take it into account when we're looking at your application. We want to make sure we're lending responsibly, so we'll check how you've managed money before and if you can handle paying back the loan now.
Because of this, we can't lend money to people with some credit issues. These can include things like:
Just to let you know, each application is looked at on its own, and sometimes we might say no for other reasons related to credit. This is especially true if giving a loan might make it hard for someone to handle their money.
Yes, we do.
Last year we delivered 826 Start Up Loans. 41% of these loans supported businesses led by women. We are ready to support you too.
Yes, we do.
Last year we delivered 826 Start Up Loans. 34% of these loans supported businesses led by ethnic minority founders. We are ready to support you too.
The Open University provides a selection of free courses perfect for individuals starting their own business for the first time.
The courses provide rich information covering subjects such as:
The Start Up Loans Company is a wholly owned subsidiary of British Business Bank plc. It is a company limited by guarantee, registered in England and Wales, registration number 08117656, registered office at 71-75 Shelton Street, Covent Garden, London, England, WC2H 9JQ.
British Business Bank plc is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).
A complete legal structure chart for the group can be found at www.british-business-bank.co.uk.
Flexible finance delivered responsibly and fairly
We don't do impersonal letters or automated phone services - every client gets connected with a real member of our team.
Our loans are open to all sectors and are crafted to meet your specific needs.
We see each client as a unique individual, and we evaluate their business in the same personalised manner.
Please complete your application on the Start Up Loans website
Following a quick eligibility check, you will be asked to register your personal details, complete a credit check, and submit your business information and supporting documents. Once completed, one of our Investment Managers will review your application.
Need help with your application? Contact our Investment Management team
Apply NowOur clients tell the story best, see how Start Up Loans helped them.
“We were put in touch with Julie from BEF. She was absolutely brilliant and gave us all the help and advice we needed”
“The shop needed a lot of work to complete it so I used my own savings to get it just right. I then used BEF’s funding to help fill it with stock.”
“We'd like to say a huge thank you for all the support we've received from everyone involved in maketing Spark:York happen.”
