Yorkshire and Humberside, which covers huge spans of stunning landscapes like the Yorkshire Moors and Yorkshire Dales, is reinventing its economic profile. Although its heritage of large scale industry, manufacturing, textiles and agriculture 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 small and medium-sized enterprises get quick access to business financing that works for them, especially since banks and other traditional sources of finance 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 both startups and existing businesses who are seeking working capital. Here are a few to bear in mind:
Fleximize offers unsecured and secured business loans designed to suit each individual SME. Borrowers can apply for loans ranging from £5,000 to £500,000, repayable over 1-48 months. Relationship managers are on hand to guide borrowers through the process and ensure they have the right size loan for their business needs.
You can find out more about our products by visiting our services page, but here are the key features of our financing options for Yorkshire-based SMEs:
- Yorkshire and Humberside business loans of £5,000 – £500,000 over 3 – 48 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
New and developing businesses in the North East of England, including North and West Yorkshire, Humberside and North Lincolnshire, could benefit from loans ranging from £500 and £150,000. Specifically, businesses that have been running for less than 24 months can apply for an unsecured startup loan ranging from £500 to £25,000, whilst growing businesses can apply for an unsecured business loan of up to £150,000 over a term of up to 10 years.
Enterprise Loans provide finance to startups and established businesses across the Yorkshire and Humber region, including South Yorkshire, Lincolnshire, The Humber and the North Midlands. Startups that have been trading for up to 24 months and are based in Sheffield City, Humberside or the East Midlands can apply for a personal loan for business purpose that runs for a one to five year term and can range between £500 to £25,000. In addition, businesses will have access to a mentor, training events and exclusive business offers. Businesses trading for over 24 months who are unable to secure funding from mainstream banks can apply for a loan from £1,000 to £250,000.
This is a government-funded scheme to provide startups with loans, mentoring and advice. Unsecured business loans are available for businesses that have been trading for less than 24 months and range from £500 to £25,000 over a maximum term of five years. Successful businesses will also have access to a business mentor for the first 12 months of the loan.
This finance provider offers loans ranging from £100,000 to £1 million to early-stage businesses, startups and established businesses. Loan terms can run for as long as five years and can be tailored to each business with competitive rates which are fixed for the agreed term.
This is another delivery partner of Start Up Loans, offering personal loans for a business purpose to budding business owners who are having trouble accessing finance. The scheme funds businesses in every sector and successful candidates are given access to a mentor, training events and business offers. Loans range from £500 to £25,000 for up to five years with a 6% per annum interest rate.
Based in the Hull and Holderness area, this business support agency provides startups and growing SMEs with business loans of £500 to £50,000 in value. Terms run for up to five years and typical interest rates range from 10% to 14%. You can also apply for a Whyte Knight loan through Sirius, which offers business loans to those in the York City Council area ranging from £500 to £10,000 for up to five years with a typical interest rate of between 6% to 12%.
This enterprise focuses on assisting economic regeneration within a set operating area of North East England. They can therefore provide loans from £25,000 for business purposes including relocation, equipment purchase, management buy-outs, management buy-ins, startups and plenty more across several sectors including manufacturing and services to businesses. Loan terms usually range from three to five years and don't require security or personal guarantees in most instances. They are also able to offer loans under the UK Government's Enterprise Finance Guarantee.
You can browse the full list of Yorkshire-based startup loan providers partnered with the British Business Bank here. For more information on other funding options around the UK, take a look at our Startup Guide to Business Funding, or Guide to Alternative Finance.
How Fleximize's business loans can be used in practice
Rotherham-based Preloved Kilo tour the country throughout the year, hosting vintage fashion events. With a complex and crucial logistics operation, Mark and Steve saw the opportunity to purchase vehicles, rather than renting them on a regular basis. Having received funding from Fleximize to facilitate this exercise, the business is now saving over £5000 per month. Watch the video below to hear their experience of Fleximize, or click here to read their story in full.
Apply for a Yorkshire business loan today
If you're looking for fast, flexible funding that's tailored to your business' needs, get started today by completing our online application form.
To discover more about our finance products, visit the services page for further details on our secured and unsecured lending options. Or, to learn more about Fleximize from our current customers, explore our online reviews.