Growing your business without collateral
Starting your own business can be tough, especially when it comes to finding the money you need to get going.
Overcoming the challenges of collateral
One of the biggest challenges is lacking assets to secure a loan. Traditional lenders, like banks, usually require valuable collateral, such as a house, which many aspiring business owners don’t have.
Start Up Loans can help turn your business dreams into reality. They provide essential funds for launching and growing your business without the need for collateral. It's designed for aspiring and existing business owners, helping you bring your ideas to life without any assets as backup.
Key features
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.
For businesses trading less than 36 months. Take advantage of no arrangement fees, no early repayment fees, and up to 12 months of complimentary post-loan mentoring.
What is a start up loan
A Start Up Loan is an unsecured personal loan for business use.
A representative startup loan example: £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.
How do i get a start up loan from BEF
Start by completing and submitting your application online. This initial step gathers essential details about your business and funding needs.
Once your application is received, we'll perform a credit check and conduct an initial review.
We’ll review your business plan and supporting documents in detail.
Following the review, we’ll make a decision and present you with a loan offer.
Usually, our team of Investment Managers will help you finish everything up within six weeks after you apply.
ApplyWhat our clients say
Our clients tell the story best, see how BEF helped them.
“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.”
Laura Ben Mayor
Why choose BEF
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 trusted partner
We're here to offer you flexible money options to help you start and when ready, grow.
Teaming up
We work closely with the British Business Bank to help new businesses in the North East, the Humber, and Yorkshire.
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.
ApplyFrequently asked questions
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.