Business Start Up Loans County Durham

Start or grow your business in County Durham

Nestled in the heart of the Northeast, County Durham is a blend of scenic beauty and industrial vitality. From the historic Durham City to the bustling Bishop Auckland, each area contributes to the county's diverse tapestry.

Its economy, once dominated by coal mining, has evolved to embrace sectors like renewable energy, tech, and tourism, offering a dynamic backdrop for start-ups and established businesses alike. This unique mix makes County Durham a fertile ground for innovation and economic growth.

For those looking to start or grow a new business in County Durham, a Start Up Loan can provide the crucial backing needed to turn innovative ideas into reality.

What is a Start Up Loan?

Whether you're just starting to shape your business idea or you're looking to grow your start-up, a Start-Up Loan can give you the cash you need for your unique situation. These loans are super flexible, which means you don't need to promise something valuable or have someone back you up to get them. They're a great option for any business, no matter how big or small.

Key Features:

• For: Businesses trading less than 36 months.
• Loan amount: Borrow up to £25,000 (BEF average loan size = £11,000).
• Interest rates: 6% fixed. Take advantage of a low interest rate to help start or grow your business.
• Repayment terms: Enjoy flexible repayment options spanning 1 to 5 years.
• One business, four Loans: Up to four partners or directors can each apply for a Start-Up Loan for the same business.
• Additional benefits: Take advantage of no arrangement fees, no early repayment fees, and up to 12 months of complimentary post-loan mentoring

Can I apply for a Start Up Loan for my County Durham Business?

Understanding the eligibility criteria is the first step to accessing the a Start Up Loan for your County Durham-based business.

The eligibility criteria is designed to be inclusive, aiming to foster a community of business owners who are as diverse and dynamic as County Durham itself. From tech innovators to creative minds, we're looking to support the people behind the ideas that will drive our city forward.

Eligibility criteria includes:

• You’re 18 years of age or older
• You’re a current UK resident
• You’re starting a new business or have been trading for up to 36 months
• You’re unable to secure finance from other sources (self-declaration is ok)
• Your business is based in the UK
• You have the right to work in the UK
• Your business type and loan purpose is eligible under terms of the scheme
• You pass the Start Up Loan Company credit checks and you can afford to repay the loan

Whether you're an aspiring business owner or a small business owner ready to take the next step, if you meet these criteria, we encourage you to apply.

FAQs

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.

How can I use a Start Up Loan once approved?

• A Start Up Loan is here to help your County Durham-based 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.

What documents are required for a Start Up Loan application?

• 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.

Can I apply for a Start Up Loan if I have a poor credit history?

• 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.

Client testimonial

Established in September 2015, The Great North Eastern Brewing Company brews real ale which it sells by the cask or keg to pubs, clubs and hotels in the north east and beyond. BEF have supported the business with a Start Up Loan followed by a further investment of £100,000.

The investment provided working capital to expand sales to hospitality businesses based in Edinburgh, York, and the lake district, with the business recently being added to the suppliers list at a leading high street pub chain.

“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.

Why choose BEF?

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:

• Tailored Support: We get that every business is different, so we fit our help to match what you need and what you're aiming for.
• Real People Making Decisions: No cold, heartless computers here. Our friendly and experienced Investment Managers are the ones who make the call.
• A Trusty Sidekick: We're here to offer you flexible money options to help you start and when grow.
• Teaming Up: We work closely with the British Business Bank to help new businesses in the North East, the Humber, and Yorkshire.

How do I get a Start Up Loan from BEF?

Getting a Start-Up Loan is a simple process:

1. Online Application Submission
2. Credit Check and Initial Review
3. Business Plan and Document Assessment
4. Interview
5. Decision and Loan Offer
6. Acceptance and Funding

Usually, our team of Investment Managers will help you finish everything up within six weeks after you apply.