Start Up Loans
Start or grow your own business with a government-backed Start Up Loan…
Start Up Loans
Start Up Loans are government-backed personal loans available to individuals looking to either start a business or have been trading for less than 3 years (36 months).
In addition to finance, successful applicants receive 12 months of free mentoring and exclusive business offers to help them succeed.
Start Up Loans are unsecured, so unlike many other forms of finance there’s no need to put forward any assets or personal guarantees to support your application.
All owners, partners and directors in a business can apply for between £500 and £25,000. The maximum available per individual business is £100,000.
Business Starts support start up and businesses trading for less than 3 years in England, Scotland and Wales.
Check your eligibility...
- You’re 18 years of age or older
- You’re a current UK resident
- You’re starting a new business or have been trading for less than 36 months
- You’re unable to secure finance from alternative lenders at a rate of less than 15%
- Your business is based in the UK
- You have the right to work in the UK
- Your business type and loan purpose is eligible under terms of the scheme
- You pass The Start Up Loans credit checks and you can afford to repay the loan
Start up loan benefits...
- Borrow between £500 and £25,000 per applicant
- 1 to 5 year loan term
- Fixed interest rate of 6% per annum
- No application or set-up fees
- Free application support, there are no costs to apply for a start up loan
- Free business plan financial forecast templates
- Free post-loan support and mentoring
How Do I Apply for a Start Up Loan?
1
Check eligibility and register
First, register on the Business Starts website below after checking your eligibility Once registered you will be directed to our Delivery Partner’s application form on the British Business Bank’s Start Up Loans website.
At this stage, all you’ll need to provide is basic details such as your name and contact details.
After completing the application form you’ll ll receive an email asking you to create an account and password so you can log in to your customer portal.
2
Complete the Application Form
Step 1 – Provide information about your situation and how you’ll use the loan.
Step 2 – A personal credit check will be run to further assess your eligibility in line with the Scheme’s commitment to responsible lending.
Step 3 – After passing the credit check, you will be asked whether you’re ready to submit your Business Plan, Cash Flow Forecast and Personal Survival Budget. Please select from the dropdown menu, ‘I need help with this‘.
Step 4 – We’ll work with you on your business plan to ensure that your application is ready to be submitted for approval.
3
Finalise your business plan documents
We will review your Start Up Loans business plan documents and supporting information prior to approval.
To be approved your application will be assessed. The assessment will take into account the strength and viability of your business demonstrated through the business plan and cash flow forecast. Affordability of the loan will be assessed through the Personal Survival Budget.
Successful applicants will be invited to take up 12-months of free post-loan mentoring and support.
