A Start Up Loan can make your business dreams come true. It's tough starting your own thing, especially when you need cash but don't have things like a house to secure a loan. That's where Start Up Loans shine.
They're for aspiring and existing business owners like you, providing essential funds to launch and expand without needing any assets as backup. It's all about turning those big ideas into reality, no collateral or security needed.
A Start Up Loan is an unsecured personal loan for business use.
Key Features:
Of course, you might have some questions. Here are some of the most common ones we get about Start Up Loans. If you have more questions, feel free to get in touch with us.
Start Up Loans are designed for individuals who are looking to start or grow their business but lack the necessary assets for traditional security. Eligibility criteria includes:
A Start Up Loan is here to help your start-up grow, but we get that every business is different. You can generally use the loan for things like day-to-day costs, premises, equipment, stock, marketing, bringing on new team members, or other ways to build your business. Still, we suggest explaining how you plan to use the money in your application, so it matches up with what the loan is meant for.
Usually, you'll need to show us your Business Plan, Cash Flow Forecast, Personal Survival Budget, and Personal Bank Statements from the last three months. Don't worry, one of our friendly Investment Managers will let you know if we need anything else from you.
We look at every application carefully, considering more than just your credit history. Even if your credit isn't perfect, it doesn't mean you're out of the running. We suggest talking with an Investment Manager about your particular case to figure out the best way to move forward.
Hearing from fellow start-up owners can provide that extra dose of inspiration and confidence you need. That's why we've gathered testimonials from entrepreneurs who have successfully utilised our no-collateral lending scheme to elevate their businesses. Here are their stories:
““The Business Enterprise Fund has been a huge help in us getting started, with the loan helping on everything from signage to equipment and we’ve so appreciated their ongoing professional advice. We’ve seen a whole variety of patients so far from those taking charge of their preventative care or couples who want to look and feel good in their wedding photos..”
- Laura Ben Mayor, partner, The Spine Guy
“From my first point of contact to completion, I felt very supported and guided through my application process. Julie was always on hand to clarify any queries. She also kept me up to date with the timeline from sending my application to decision making. This was important as I closely watched business outgoings, making sure I stayed in credit.”
- Nina Daniels, owner, NINA D
BEF is more than just a place to borrow money; we're a trusted partner who really wants you to do well. We're all about helping people get the money they need to start their dreams. So far, we've helped over 5,000 people start their journeys with £20 million in Start Up Loan cash.
Here's what we do:
Getting a Start-Up Loan is a simple process:
Usually, our team of Investment Managers will help you finish everything up within six weeks after you apply.
£11,000 loan repayable over 5 years. 60 monthly payments of £212.66. Fixed interest rate of interest 6% per annum. Total amount of credit £11,000.Total interest payable £1,759.60.Total cost of credit £1,759.60. Total amount payable is £12,759.60.
This is an illustrative example for a loan of £11,000. 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 a Start Up Loan. Further information is available on request.
