Funds
UNITED KINGDOM
Funds - Business Startup

Start Up Loans

Region
UNITED KINGDOM
Who Can Apply
Anyone aged over 18 at the time of registration and living in the UK, is eligible to apply for a loan. You must have an acceptable business idea and want to use the loan monies to support this venture. You may have already started your business, but you cannot have been trading for more than 34 months. You must have the legal right to remain in the UK for the duration of your loan term and the right to be self-employed.
What Can Be Funded

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.

How To Apply
If you have a viable business idea and access to the internet, visit www.startuploans.co.uk to register and complete the online application form. You will need to provide various supporting documents, such as a Business Plan, and pass a credit check. Once you have passed the credit check you will be assigned to a Delivery Partner, with a dedicated business advisor. Your business advisor will review your business planning documents as well as any other key supporting documents, and will work with you to get them ready for assessment. If your application is successful, you will be invited to take up 12 months of free mentoring support.
Notes

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.