Loan amount

The NEA Start Up Loan is a personal loan for those participants that have completed the DWP NEA Mentoring Scheme and are looking to access funding from £500 to £2,500 to start their business. The NEA Start Up Loans are funded by the Start Up Loans Company and delivered by Newable.

For applicants that are looking to apply for a personal loan over £2,500 please visit to access the Start Up Loans funding up to £25,000. Please note that the Start Up Loans funding will require additional documentation and has different assessment criteria.

What you can use the loan for

NEA Start Up Loan funds may be used to fund the initial start-up costs of the business although there are some excluded purposes as listed in the Eligibility Guidance PDF.

Loan terms

When applying for the loan, the term for repayment will be set between 1 and 5 years.

Interest rate

There is a 6% fixed annual interest rate for the duration for your loan term.

Representative example

You could borrow £2,500 over 5 years with 60 monthly repayments of £48.33. The total amount repayable will be £2,899.92 at 6% APR representative, and an annual interest rate (fixed) 6%.”

Loan Calculator

I want to borrow:

For a duration of:

Monthly Payment £43.08

Total Repayment £516.92

Loan repayment

Loan repayments are collected monthly via Direct Debit and will be collected by Business Finance Solution (BFS). BFS is an official Finance Partner of the NEA Start Up Loan, working together with Newable. BFS is responsible for sending out loan agreements and can be contacted on 0161 245 4900 if you need to discuss anything related to repaying the loan.

Arrangement fees

There is no arrangement fee for this loan.

Early repayment

There is no early repayment charge for this loan. You may make a full early repayment at any time within the repayment term.

Second loans

If you have already secured funding from the Start Up Loans Company for your business, and have been trading for no more than two years, then you could be eligible to apply for a Second Loan for the same business. For more information about second loans please visit

Please note that applications will be processed by the Start Up Loans Company, not Newable.

Document review

Once the application is complete and has been submitted, it will be assessed to ensure that:

  • All fields are correctly completed;
  • The documents uploaded are relevant and satisfactory.

Credit check

A credit check will be conducted to assess that applicants meet the lending criteria for this loan.


A single application will be valid for 90 days. Should an application exceed this time period it may result in you having to make another application and start the process again. Newable is committed to all NEA applications, subject to no delays beyond our control, being processed within 30 days of submission.


If the application is considered complete you may be contacted to clarify some of the information provided in your business plan.

This is to make sure that final decisions are based on the fullest possible information.

If the application is not considered to be viable it will be declined.

Should it be declined then you will be informed of the reason for this. The feedback you receive from us is designed to be helpful and assist you in developing your business, or business idea, further.

If the application is considered viable after assessment it will be approved and you will move onto the next stage, which involves returning signed loan documentation.

Sign and date loan documents

Once your application has been approved, you will be issued with loan documents from our Finance Partner, Business Finance Solutions. You will need to complete and return these to Business Finance Solutions.

Please do not commit any funds until you have received the money in your account.

Return your loan documents within the period specified

If loan documents are not returned to Business Finance Solutions within 10 working days of receipt, your documents will expire and will need to be reissued.

Therefore, It is important that you return the documentation promptly to avoid delays.

Once signed and dated documents have been received, you will move on to receiving your loan.

Release of funds

Once Business Finance Solutions have received correctly signed and dated loan documents from you, the loan funds will be paid directly into your personal bank account. Please note this account must be able to accept Direct Debits. For information we have provided a list of bank accounts which we cannot pay loans into for you to download.

Please do not commit any funds until you have received the loan in your account.

For help when filling in application forms, guidance or further questions about the loan fund:

Customer helpline: 0333 005 0475
Please note office hours are Monday - Friday 10:00-16:00
Business Finance Solution Collections Team: 0161 245 4900

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