1. About the Start Up Loans Company
The Start Up Loans Company is a UK-wide, government backed scheme, which offers a repayable loan to individuals over the age of 18 who have a viable business idea but no access to finance. The scheme funds businesses in every sector. As well as financial backing all loan recipients are given access to a mentor, free training events and exclusive business offers.
Individuals wanting to start up a business can access borrowing, in the first 2 years of trading, at 6.2% APR. Loans can be between £500 and £25,000 with a repayment term of 1 to 5 years. Applicants can make an application for a Start Up Loan free of charge and will NEVER be charged a fee for making this application or be asked for a deposit.
2. Who can apply?
Applying is really easy, and it only takes a few moments. As long as you:
- have a business idea, or have recently started a business
- have the right to live and work in the UK
- are able to provide proof of your identity
- are not an undischarged bankrupt, or undergoing an IVA
The client will be supported through the process by a Start Up business adviser who will assist them to complete their business plan and cashflow forecasts to support their application for a loan.
3. How do I apply?
For further information or to apply, please visit Startuploans.co.uk.
Everyone needs help to grow their business, so after you have received your loan, we’ll match you with a suitable mentor who will help you navigate any challenges or barriers as you go about setting up and running your business. Mentoring is an invaluable part of the Start Up Loans programme. It is free for Start Up Loan recipients and can provide up to 15 hours of support.