The North East is a hotbed of innovation and creativity. Once heavily reliant on traditional industries like coal mining and shipbuilding, the major towns and cities across County Durham, Gateshead, Newcastle, North Tyneside, Northumberland, South Tyneside and Sunderland are now vibrant hubs for innovation and entrepreneurship.
From Berwick-on-Tweed to Morpeth and Blyth, from North and South Shields to Newcastle to Gateshead, from Sunderland to Durham to Hartlepool and Middlesbrough, aspiring business owners are ready to transform their canny ideas and passion into thriving businesses, driving economic growth and creating new opportunities for all.
At Business Enterprise Fund (BEF), we're not just another financial institution; we're your dedicated partner, your advocate, and your supporter in every step of your business journey. We understand that starting and scaling a business in the North East comes with its unique challenges and opportunities, and that's precisely where we excel.
We've supported hundreds of business across the North East with flexible finance to help them begin, expand, and flourish.
“I have dealt with Doug Heseltine for 7 years now and would like to say that this business would not be at the stage it is without his help and the help of BEF hopefully the business will continue to grow so credit is due to you.”
- Paul Minnikin, director, The Great North Eastern Brewing
Our mission is clear: to help individuals like you to turn your dreams into reality. Whether you're working to launch your game-changing idea or grow your existing business, BEF is here to fuel your aspirations. That's why we deliver Start Up Loans, a government-backed initiative designed to provide you with essential funds and support.
A Start Up Loan is an unsecured personal loan specifically tailored to individuals eager to launch a ground breaking concept or expanding an existing venture in the North East.
These flexible loans eliminate the need for collateral or guarantors, making them an accessible financing option for businesses of all sizes.
A Start Up Loan can be used for a wide range of business purposes, including equipment, stock, premises, marketing, and promotional activities.
£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 for a Start Up Loan you must meet the following criteria:
BEF recognises the significant contributions that women-led and ethnic minority-led businesses make to the North East's economy and social fabric. We are committed to fostering an inclusive business environment by providing tailored support and resources to these businesses, empowering them to achieve their goals and thrive.
Currently, 41% of our Start Up Loans support women-led businesses while 21% of our Start Up Loans support businesses led by ethnic minority founders.
BEF is more than just a lender; we are a trusted partner committed to the success of our clients. We believe in providing comprehensive support that goes beyond financial assistance. Our team of experienced business advisors will guide you through every step of the process.
Here's why you should choose BEF for your Start Up Loan:
To start or grow your North East-based business, apply for a Start Up Loan today. With BEF as your partner, you'll have the tools and support you need to transform your business dreams into reality.