Start or grow your business

Starting a business comes with its challenges, particularly in securing funding. Aspiring and new business owners often grapple with complex loan applications, fear of rejection due to insufficient collateral or credit history, and daunting financial terms.

Thankfully, there is a light at the end of the tunnel. The government-backed Start Up Loans scheme is a solution designed to help you succeed despite the challenges.

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, you must be 18 years of age or older, a current UK resident, and either starting a new business or have been trading for up to 36 months. Additionally, you must be unable to secure finance from other sources, with self-declaration being acceptable.

Your business must be based in the UK, and you must have the right to work in the UK. The type of business and the purpose of the loan must be eligible under the terms of the scheme. Finally, you must pass the Start Up Loan Company credit checks and demonstrate the ability to repay the loan.