Start Up Business Loans & Finance

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  • Borrow between £10,000 and £500,000
  • An alternative to unarranged overdrafts and credit cards
  • No minimum trading time or turnover
  • Loans and asset finance available
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494 reviews on 4.8 stars
 
  • Both a lender and broker
  • Over £1bn financed since 2007
  • Expert personal service
Get your business off to a flying start

Business Start up loans

If you’re ready to take a flying leap and embark on your new business adventure, we can help. At Portman we are pleased to offer business start-up loans that can transform your new venture’s likelihood of success. So, if you’re wondering if new business financing is the right course of action, find out more about how we can help you today.

How does it work?

Fast-Track Your Startup by Access to Funding with Portman

We know that finance can sometimes be confusing and stressful, but what we do is simple.

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1. Get started in 1 minute.

Enquire without affecting your credit score.

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2. Understanding your business.

A dedicated account manager will discuss your needs and collect documentation.

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3. Our experts do the leg-work.

We find the right deals, complete applications on your behalf and get you a no obligation quote.

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4. Your no-fuss finance is funded.

If accepted, your assets will be bought and delivered or the finance released to your account.

Enquire today
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What is Start-Up Finance?

Are you getting ready to launch your own business? Firstly, let us congratulate you on taking the plunge! 

Start up finance is a business loan that is specifically for new businesses. It can mean that as a start up business owner you can open the doors on your 1st premises, hire staff or source the necessary equipment needed to take off.

How Does Start-Up Business Financing Work?

Business start-up finance is the capital that funds a new venture that has been trading for less than thirty-six months. You can use it to launch a company, buy real estate, hire a team, and purchase necessary tools or equipment. 

At Portman, we’re both a broker and lender of start-up finance. With us, you can borrow anything from £10,000 up to £500,000. Start-up loans can also be applied to purchase the necessary equipment your business needs, and monthly payments are made following an agreed term to pay the lender back fully.

Both hire purchase and equipment finance leases are available, which have different potential tax advantages and payment structures. You’ll need to decide which loan and repayment method are right for your business. 

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How to apply for a start-up business loan

If you’re considering starting a new business and need financial support, applying for a start-up business loan can be a viable option. Here’s a step-by-step guide on how to apply for a start-up business loan:

  1. Determine your financial needs for your new business.
  2. Research lenders and loan options to find the best fit.
  3. Prepare a solid business plan outlining your idea and financial projections.
  4. Gather necessary documents like ID, bank statements, business plan, and CV.
  5. Submit an enquiry form on the lender’s website.
  6. Consult with an account manager to discuss your needs and goals.
  7. Complete loan applications and proposals with their assistance.
  8. Wait for approval, which can vary in time.
  9. Once approved, acquire the necessary equipment or assets.
  10. Make timely repayments according to the agreed terms.

Remember, the eligibility criteria and loan terms may vary between lenders, so it’s essential to research and choose the one that best suits your needs. Seek professional advice if needed, and ensure that you fully understand the terms and conditions of the loan before proceeding.

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The benefits of start-up finance

An important benefit of start-up business financing is preserving the use of the credit card or overdraft for contingency and operating expenses. It also enables you to keep the company’s capital free and untouched. If you were unaware, using a credit card or overdraft option could significantly affect your ability to obtain additional finance later. So, having business start-up loans in place can ensure you do not need to rely on these sources in an emergency.

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Start up loans for new business

Are you ready to get started? To apply for a start-up loan for a new business, start by completing our enquiry form and sending us details about yourself and your business.

A dedicated account manager will review your enquiry and call to discuss your specific needs and what you want to gain from the finance process. After gathering further information, we will complete applications and submit proposals for you on your behalf. 

Once we understand your situation, we can discuss the right path for you to go down. If eligible, we can buy the assets ourselves through Portman Leasing or work through our panel of specialist lenders. If your finance proposal is accepted, the necessary equipment will be ordered and made available to you, so you can grow your business and create the success you want.

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What can start up business financing be used for?

To help you maximise the impact of your new business finance, your appointed Portman Account Manager will work closely with you to advise. The possibilities for a start-up loan are endless and could help your business grow rapidly, creating a strong foundation for you to work from.

For inspiration on what you might use your start-up finance for, here are a few necessities your new business might need initially:

  • Premises fit-outs 
  • Furniture or equipment 
  • Tools and machinery 
  • Commercial vehicles or director cars 
  • Materials, inventory or stock 
  • Technology and marketing costs
  • Franchise buy-in fees 

Your appointed Portman Account Manager will work closely with you to find the right deal for your business and help you maximise the impact that a start-up loan could have on you and your company. The possibilities for a start-up loan are endless and could help your business grow rapidly, creating a strong foundation for you to work from.

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Am I eligible for start-up finance?

Eligibility depends on your specific circumstances and those of your business. Many businesses will find that they are eligible for finance, but the products and rates available will vary depending on several variables and factors. With new businesses, many variating factors can affect this. Your credit history, business plan, how much you have personally invested, and details of other businesses are important for getting an accurate quote back. 

At Portman, we operate as both a lender and a broker and can use our funds or search the market to find the best lender for you. We are committed to finding the best plan for you, and you will receive a transparent and open service. You will be clear on where you stand in your financial situation.

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Is a business start-up loan right for me?

You know your business better than anyone else, and you are best placed to decide if your business is ready for finance, we recommend seeking professional advice, but the benefits of new start finance include:

  • Get what you need to make your business a success from the start 
  • Hit the ground running with a financial injection for vital equipment
  • Preserve your own cash and make repayments whilst your business generates revenue 
  • An alternative to using an overdraft or credit cards 
  • Secure fixed monthly repayments 
  • Keep capital in hand for other investment opportunities
  • Retain ownership of the business rather than giving away a % share 
  • Build your business credit score for the future 
  • Create a strong long-term financial situation for your company
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Start Up Loans FAQs

Can I get a start up loan with bad credit?

A poor credit history can affect your ability to get finance but at Portman we work with a number of specialist lenders who may be able to help. For new businesses, your ability to obtain finance is based on a number of factors including your turnover or projection, your business plan, your personal wealth and homeownership status, other businesses you may be involved with and your own credit history. A bad credit history will affect the rates you are able to obtain but might not prevent you from obtaining credit entirely. As much as we aim to help every start-up business that comes to us, poor credit history is likely to limit your ability to get finance for your company. For new businesses, your ability to obtain finance is based on several factors, including: Your turnover or projection, Your business plan, Your personal wealth and homeownership status, Other businesses you may be involved with. Poor credit history will affect the rates you can obtain and may prevent you from obtaining credit entirely. If you have poor credit, we suggest you look at ways to increase your credit score before applying for a start-up loan.

Do you need a deposit for a startup business loan?

Typically, startup business loans may require a deposit or collateral as a form of security, depending on the lender and the specific terms of the loan. However, it’s essential to research and compare different lenders to find options that may not require a deposit or offer flexible alternatives.

How can I get finance to start a business?

To get finance for starting a business, you have several options to consider. Firstly, you can apply for start-up business loans offered by banks and lenders specifically tailored for new ventures. Another option is crowdfunding, where you collect small contributions from a large number of people through online platforms. Additionally, you can seek funding from angel investors or venture capitalists who provide financial support in exchange for an equity stake in your business. Using personal savings or receiving help from family and friends is another possibility.  Alternatively, explore government programs that may be available for start-ups in your area. Whichever option you choose, make sure to have a solid business plan and financial projections to demonstrate the potential success of your business.

How long does it take to get a start-up loan?

Finance could take as little as 24 hours up to a few of weeks, depending on eligibility for finance and the amount of borrowing required.

How much can I borrow for my new business?

How much a new-start business is able to borrow depends on a range of factors including: your business plan and projections, any other businesses you may be involved in, the value of your property and the assets you are looking to purchase. The best option is to enquire with Portman and one of our Account Managers can discuss your individual needs.

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General Enquiries

Do you offer seasonal payment terms? 

Yes, many of our customers naturally experience high demand for their services during certain times of the year as well quieter periods during others. We tailor all finance agreements to the needs of each business, and lower payments can be arranged during periods when there is a predictable reduction in trade.

Do you provide finance outside the UK? 

Unfortunately, Portman can only finance companies registered and operating in the UK.

What is the application process like?

Portman can guide you through the application process. After discussing your needs and collecting business documents we can save you time, completing proposals and applications on your behalf. In the first instance, the documents we would need are: copies of a recognised photo ID, 6 months of bank statements, a copy of your business plan and possibly a copy of your CV. For established businesses we would also ask for a copy of your management accounts, profit and loss and balance sheet.

What are your rates?

The interest rates available to each customer vary based on a large number of factors including the trading history and credit rating of the business, the credit history of any company directors, how much money is required and what the funds are being used for. The rates for customers with an exceptional credit rating start from an annual flat rate of 5.3%.

Isn’t it cheaper just to go to a lender direct? 

Whilst banks can offer different rates, they often reject certain type of purchase, businesses in different industries and have very strict lending criteria. At Portman we deal with a panel of over 40 lenders as well funding businesses with our own money. We have access to specialist lenders and specialist types of finance, giving a variety of options and a greater chance of success. Portman may have rates that are not available to a customer who goes direct and can also explore the whole lending market in one go, saving you time. We have access to specialist lenders that are not available to individuals and can even put together finance packages from multiple lenders. All of which gives you competitive rates, with a greater chance of acceptance.

Our experts can help you find the right funding.

Find out how we can help today.

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