Yorkshire and Humberside, which covers huge spans of stunning landscape like the Yorkshire Moors and Yorkshire Dales, is reinventing its economic profile. Although its heritage of large scale industry, manufacturing, textiles and agriculture is remain key to the area, enterprises in locations including Bradford, Leeds, Sheffield, Rotherham and Wakefield, as well as countryside-based businesses, are these days much more diverse.
With so much activity going on in Yorkshire and Humberside, it’s critical that SMEs get quick access to business financing that works for them, especially since the banks aren’t lending as much as they used to.
Business loans in Yorkshire and Humberside
Luckily, there’s a great choice of alternative finance providers across the region, supporting the set up and growth of smaller enterprises. Here are a few business lenders to help you find the perfect one for your SME.
Fleximize – This alternative finance provider offers business loans designed to suit each individual SME. Borrowers can apply for loans ranging from £5,000 to £500,000, repayable over one to 48 months. Relationship managers make the lending decisions and guide borrowers through the process to ensure they have the right size loan for their business needs.
Business Enterprise Fund – New and developing businesses in West and North Yorkshire and the North East could benefit from loans ranging from £500 and £150,000. You can apply for unsecured loans up to £50,000 and secured loans up to £150,000.
Finance Yorkshire – SMEs operating in or relocating to Yorkshire and Humberside can get an injection of cash in the form of loans: early-stage enterprises can apply for loans between £15,000 and £50,000. The upper limit increases to £75,000 for established businesses, whilst profitable businesses can apply for a maximum of £250,000. There’s an arrangement fee.
Finance for Enterprise – Businesses at all life stages in South Yorkshire that have been turned down for funding by more traditional lenders can borrow up to £150,000. Entrepreneurs can apply for startup loans up to £25,000 but must be trading for a maximum of 24 months. Growing SMEs can borrow between £5,000 to £150,000.
Chamber Acorn Fund Humber – Business loans are available for startups, growing SMEs and social enterprises in Hull, East Riding of Yorkshire, North East Lincolnshire and North Yorkshire. Other locations may be accepted. Loans go up to £200,000 with an administration fee. This fund isn’t suitable for retailers, and loans can’t be used for vehicle purchase. This provider also offers startup loans up to £25,000.
EV Group – This finance provider focuses on lending to SMEs in Yorkshire and Humberside, which are established and growing. Whether you need money to top up a bank loan or you need 100% funding, you could secure business financing between £15,000 and £1 million. Since you’ll need 3 years’ trading history, £100,000 profit and £1 million turnover, this option is unlikely to suit startups and smaller enterprises.
Five Lamps – Business loans for Yorkshire-based SMEs are available from this organization that aims to “remove barriers to social, economic and financial inclusion” in the region. Startup loans – or the New Enterprise Allowance Loan – for people claiming benefits go up to £2,500. And growing SMEs can apply for amounts ranging from £2,500 to £100,000. You’ll need to provide a business plan for all loan types.
Goole Development Trust – This not-for-profit funding provider supplies a range of loans for startups and growing SMEs. Loans range from £500 to £25,000 for startups. The trust offers unsecured loans for SMEs of up to £25,000, and medium loans ranging from £25,000 to £50,000 for businesses in riskier categories, and which don't have sufficient security to find full funding elsewhere. Secured loans from £50,000 to £150,000 are also available.
Sirius – Startups and growing SMEs in East Riding of Yorkshire can borrow essential cash from this lender. Money from as little as £500 to £50,000 is repaid over a term of up to 5 years. A detailed business plan is required for the application.
Humber LEP Business Loan Fund – At the time of writing, this fund still had money in the pot to lend to capital projects in Humber. Typical loan amounts vary between £100,000 and £1,000,000, however, if you need to borrow more you could be considered if you can prove you’ll generate “exceptional outputs”. Businesses must invest the money in schemes that’ll create new jobs quickly, and expect planning consent within 6 months.
– Money is available for regenerating communities affected by changes to the steel industry. Loans start at £25,000 and are expected to be used for working capital, equipment purchase, premises, relocation, starting up, among
other purposes. Borrowers can repay the loan over 3 to 5 years.
Apply for a small business loan today
Applying for a Fleximize loan is quick and easy – simply click on the Apply Now button below.
Or if you have any questions about borrowing money for your SME, call the helpful Fleximize team on 0207 100 0110.
Grant Ashworth, owner of North Yorkshire-based U Name It Promotions, borrowed from Fleximize after becoming frustrated with the mountains of paperwork and lack of urgency from his bank and the high expense of invoice trading. After applying on a Friday, the funds were in his business bank account on the Monday, freeing up cashflow with which to grow his business. Watch the video below to hear what he thought about his Fleximize experience, or click here to read his story in full.
If you’re looking for funding to launch or grow your own small business, drop us a call on 020 7100 0110, and our friendly UK-based team will be happy to answer any questions you might have. Alternatively, click on the button below to open the door to quick business funding, tailored to your business ambitions.
For more information on other funding options around the UK, take a look at The Ultimate Guide to Business Funding.