A Start Up Loan is a government-backed, low interest personal loan available to individuals looking to start or grow a new business in the UK. It's an excellent way to finance your business.
Since its launch in 2012, the scheme has supported 105,000 business ideas with more than £1 billion worth of loans.
What's more, loan is unsecured, so there’s no need to put forward any assets or guarantors to support an application.
£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.
To be eligible to apply for a Start Up Loan, you must meet the following criteria:
Applying for a Start Up Loan is a straightforward process:
Usually, our team of Investment Managers will help you finish everything up within six weeks after you apply for a Start Up Loan.
We have helped thousands of people build a business. Scarborough-based SeaGrown are a well known client of ours. They set up England’s first commercial seaweed farm thanks to a £25,000 Start Up Loan from us.
“The funding from BEF has enabled us to purchase the equipment which is fundamental for us to start processing the seaweed. We’ve had an overwhelming amount of interest and support from the local community and have also taken on two full time and two part time employees who’ll be working across all aspects of SeaGrown. The support from Julie and the team at BEF has been outstanding; always communicative and the process was incredibly straightforward.”
- Wave Crookes, SeaGrown
Have questions? Our FAQ section includes answers to common questions. If your question isn't listed, our dedicated team is just a message away.
Do I need to give a personal guarantee to receive a Start Up Loan?
Can I apply if I have a poor credit history?
A poor credit history will not necessarily prevent you from securing a Start Up Loan; however, it is certainly a factor that will be considered as part of our assessment process. We are committed to responsible lending and, as part of this, review each applicant’s past financial behaviours and current ability to afford the loan.
You can look at us as a trusted finance partner that will be there for you from the beginning and for the long haul.
We are a not-for-profit lender that helps people access the finance they need to launch and grow their own business. We've worked closely with the British Business Bank to deliver Start Up Loans since the scheme first started in 2012. Over the years, we've supported over 5,000 people to start or grow their businesses and delivered £20 million. We are ready to support you too.
We will provide you with:
Apply for a Start Up Loan today and turn your business idea into reality. Our team is ready to support you every step of the way.