Start Up Loans
Every loan application is considered according to the needs of your business, with an average loan size of around £7,200. The final loan size will be determined by your business plan. Only one Start Up Loan can be granted per person at any one time, but second loans are possible as long as the total amount of all loans is not more than £25,000.
However, more than one person in a company can be eligible for a loan. You are required to pay back the loan within 1–5 years, however, the exact term of the loan will be agreed with your Delivery Partner as part of your application process.
The Start Up Loan is not a grant. A grant is a non-repayable fund provided by an individual or an organisation for a particular purpose, often awarded to non-profit entities as well as business. However, a Start Up Loan must be repaid in full, with fixed 6% interest per year.
Start Up Loans is a government-funded scheme to provide advice, business loans and mentoring to start-up businesses.
Start Up Loans do not take any form of commission or ask for money from applicants as a form of payment. They do not require any security from applicants to offer against their loans and would not partner with companies who would do any of the aforementioned actions.