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Part of the ‘Northern Powerhouse’, the North East's enterprises cover industries like construction, renewable energy, manufacturing, chemicals, pharmaceuticals, and oil and gas. North Eastern businesses are also big exporters, with £13.2 billion of goods being exported from the region in 2018.
In addition, the region also boasts some of the country's top universities in Durham, Leeds, Newcastle, Sunderland and Teeside, with graduate talent contributing to the development of the local business scene. If you're looking for a loan for your SME within the North East, here's a quick rundown of the best options.
Business loans for North East SMEs
Fleximize
Fleximize provides a range of flexible business loans for SMEs, designed around the needs of each individual business. The funding – ranging from £10,000 and £500,000 – can be repaid over a term of 3-60 months. It's ideal for early-stage and growing SMEs alike. Applicants need to be limited companies and LLPs, and sole traders can apply if they're looking to borrow £25,000 or more.
You can find out more about our products by visiting our services page, but here are the key features of our financing options for SMEs based in the North East:
- North East business loans of £10,000 – £500,000 over 3 – 60 months
- Approval and deposit in as little as 24 hours
- No hidden fees or early-repayment penalties
- Competitive interest rates starting from 0.9% per month
- Interest charged on a reducing balance, not the total loan amount
- Repayment holidays and top-ups available with all loans
- Exclusive discounts on industry-leading business services
Five Lamps
This community support service offers startup loans for new businesses between £500 and £25,000. There's a fixed interest rate of 6% per annum, repayable over up to 60 months.
PNE Enterprise
SMEs in the North East and Cumbria can apply for startup loans up to £25,000, repaid over a term of 1 to 5 years. Business growth and support in the form of mentoring, online learning and other benefits also come with the loan.
Business Enterprise Fund
Small business loans are available for SMEs in Yorkshire and the North East. Another Startup Loans provider, small businesses can apply for unsecured loans up to £25,000. If you're an established and growing business, you can apply for a loan of up to £250,000 for a term of up to 10 years.
Enterprise Answers
SMEs in Cumbria, Northumbria, County Durham or North Lancashire can apply for loans between £10,000 and £100,000. The funds are repaid over a term of up to a maximum of 10 years. An arrangement fee of 2% is required, and you may also need to provide security like property against the loan.
The Key Fund
SMEs across the North of England can benefit from loans of up to £300,000. Startups and existing businesses are eligible, but they must be social enterprises. The fund supports organisations in the creative sector, healthcare, digital, housing, ecology, education and charity.
Transmit Start-ups
Working with the government’s Start Up Loan Scheme, Transmit Start-ups provides loans of up to £25,000 for each director or partner within an SME. You'll also have access to free business support and business planning for up to 12 months.
You can also find a complete list of current Start Up Loans delivery partners in the North East here.
How Fleximize's business loans can be used in practice
Ben Pearson, founder of Scunthorpe-based plus-size clothing retailer Big Clothing 4 U approached Fleximize to help him through a tight cashflow situation, invest in more stock and branch out into a new location. We were able to offer Ben unsecured funding of £20,000 to complete work on the new showroom, and bring in more stock heading into the busy summer period.
Apply for a North East business loan today
Fleximize's speedy application process means you could have an affordable small business loan within 48 hours. Whether you're looking to expand into new locations in the UK or purchase stock ahead of a busy period, you can start the process today by completing our simple application form.
Our process is quick, easy and fuss-free:
- Apply online in minutes
- Get a decision in 24 hours
- Receive your funds
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