Start Up Loan Recommendation | Business Funding…

Q: What can I use a Start Up Loan for?

A Start Up Loan can be used for a wide range of business purposes, including getting your business started, purchasing equipment, buying stock, covering operating costs and supporting working capital. You should be clear about what you need the funding for and how you intend to spend it

Q: Can I apply if I haven't started trading?

Yes. Start Up Loans are available to eligible founders who are preparing to start a business as well as businesses that have been trading for up to 60 months.

Q: How much can I borrow?

Start Up Loans are available rom £500-£25,000 for eligible founders.

Q: Can I get a Start Up Loan with bad credit?

A poor credit history will not necessarily prevent you from getting a Start Up Loan, but it will be considered as part of the assessment. The Start Up Loans Company reviews your past financial behaviour and your ability to afford the loan. There are certain credit circumstances where a Start Up Loan cannot be provided, including bankruptcy or a Debt Relief Order (DRO), an outstanding Individual Voluntary Arrangement (IVA) or Trust Deed, and being on a Debt Management Programme or Debt Arrangement Scheme (DAS). Every application is assessed on its own merits, and other credit-related factors may also affect the outcome, particularly where further borrowing could lead to unaffordable levels of debt.

Q: How does the personal credit check work?

There is no credit check when you first submit your enquiry. If you decide to proceed, the Start Up Loans Company carries out a personal credit check at a later stage as part of the application and assessment process.

Q: What documents will I need to provide?

You'll need to provide information to support your application, including a business plan, cashflow forecast and personal survival budget. You'll be able to download a template once you have completed the form below.

Find your Finance

Your recommended finance

Loan amount £11500

Duration 5year(s)

Monthly repayments

Total amount repaid

We've identified a Start Up Loan as the best fit for your business.

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Why we've recommended a Start Up Loan

Your business stage, funding needs and plans indicate that a Start Up Loan could be suitable for the type and amount of finance you're looking for.

A Start Up Loan is a government-backed personal loan for business use, designed for founders starting a new business or businesses that have been trading for up to 60 months. Eligible applicants can borrow between £500 and £25,000.

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See how a Start Up Loan helped a new business

Starting a business can feel like a big step. Hear from a founder who used a Start Up Loan to help turn their plans into reality.

A Start Up Loan could help you get started with confidence

Based on your answers, a Start Up Loan appears to be a strong match for your business and where you are in your journey. Access £500 to £25,000 per founder, with a fixed interest rate of 7.5%, no security required and support from experienced professionals who understand the challenges of starting a business.

Start Up Loan at a glance

A Start Up Loan can provide funding to help you start or grow your business.

Start Up Loan £500 - £25k

Government-backed finance for start-ups

Borrow: £500 to £25,000
Repayment term: 1 to 5 years
Interest rate: Fixed at 7.5% per annum
Security: Unsecured
Mentoring: 12 months of free mentoring
Loan type: Personal loan for business use

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What you need to know

Here's what you need to know about a Start Up Loan before deciding whether to apply.

What can a Start Up Loan be used for?

What will a Start Up Loan cost?

How quickly can I receive funding?

Can I repay my Start Up Loan early?

Do I need to provide security?

What support do I receive with a Start Up Loan?

What factors are considered when assessing an application?

How do I know how long my business has been trading?

Eligibility criteria

Why choose BEF for your Start Up Loan

We're an experienced Start Up Loan partner

FinanceNW has supported applicants through the Start Up Loans programme since 2012, helping new and growing businesses access finance.

You'll have support throughout the application

You'll have a dedicated adviser who can explain what's involved and help you understand what you need to prepare.

We're a not-for-profit lender

BEF is a Community Development Finance Institution. Our purpose is to help businesses access fair finance and support economic growth in the communities we serve.

Support continues after you receive your funding

Successful Start Up Loan applicants receive 12 months of free mentoring through the Start Up Loans programme.

How to apply for a Start Up Loan

1. Apply

Complete the form below. There's no credit check at this stage.

2. Talk to your adviser

We'll discuss your plans, explain what's involved and help you understand what you'll need for your application.

3. Prepare your application

You'll provide information about your business, finances and how you intend to use the funding.

4. Receive a decision

Once your application has been assessed, you'll receive a decision and, if approved, we'll explain the next steps towards receiving your funding.

Start Up Loan FAQs

Got questions before you apply? Find answers to some of the most common questions about Start Up Loans below, or talk to our team if you'd like to discuss your circumstances.

What can I use a Start Up Loan for?

Can I apply if I haven't started trading?

How much can I borrow?

Can I get a Start Up Loan with bad credit?

How does the personal credit check work?

What documents will I need to provide?

Ready to apply for a Start Up Loan?

Complete the form below to get started. There’s no credit check at this stage, and we’ll redirect you to the British Business Bank’s secure site to continue your application.

What would you like to do?

If you've already applied for a Start Up Loan through the British Business Bank or another Business Support Partner, please do not complete this form. This form is for new applications only

I'm ready to apply for a Start Up Loan

I want to discuss my idea with a Business Advisor

First name

Last name

Email address

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How much funding does your business need?

When would you ideally like funding in place?

How many founders or directors will apply?

How long has your business been trading?

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Loan example (representative APR)

Representative Example - Personal Loan for Business Use Only: £10,000.00 repayable over 60 months at 7.8% Representative APR*. 60 months at the AIR** of 7.5% p.a for fixed monthly payments of £200.45. Total cost of credit of £2,027.00 and total amount payable of £12,027.00. Finance subject to status and 18+ only.

*Annual Percentage Rate (APR) is the total cost of the credit expressed as an annual percentage. It represents the actual yearly cost of credit over the loan term.

**Annual Interest Rate (AIR) is the rate of interest on a loan with the rate compounded on a daily basis.

These calculations are only for illustrative purposes and are not a substitute for professional advice.

Your actual loan terms may vary depending on your circumstances.

If you're not eligible for a Start Up Loan, we may be able to offer an alternative loan. Rates and terms will vary. Further information, and terms and conditions are available on request.

Important legal information

The Start Up Loans Company is a wholly owned subsidiary of British Business Bank plc. It is a company limited by guarantee, registered in England and Wales, registration number 08117656, registered office at 71-75 Shelton Street, Covent Garden, London, England, WC2H 9JQ.

British Business Bank plc is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).

A complete legal structure chart for the group can be found at www.british-business-bank.co.uk.