Startup loans are loans that are tailored to meet the needs of new businesses. They are designed to allow businesses to start trading if they have been unable to secure finance through traditional routes. The loans are unsecured personal ones and are backed by the UK Government.
Startup Loans
Ready, Steady, Go
You’ve got the perfect business idea, you’re itching to get off the ground but you’ve hit a stumbling block. You need access to funds to give you a boost to get you up and running. Maybe you’ve managed to finance the launch stage, but now you need additional funds to keep growing. If any of this sounds like you then a startup loan could be the ideal solution for you.
How a Startup loans will help you
Startup loans are backed by the Government and allow new businesses to tap into funding at an early stage. You can borrow between £500 – £25,000 if you are a new startup or if you have been trading for less than two years. This is repayable over 1-5 years and as an interest rate fixed at 6%.
With business startup loans, there is more on offer than just the money. As soon as you apply you will be paired with a business advisor who will assist you to complete your application. If your application is then successful you get access to a business mentor for a whole year. This support is invaluable in helping your business grow.
A startup loan can bring a welcome cash injection to a new business. You will need a solid business plan to demonstrate where your business is heading, but once approved you know that you are on your way to bringing your business to life. Startup loans can be used for a variety of purposes, but commonly are used for:
- PR and promotion costs
- Purchasing new equipment
- Purchasing stock
- Product development costs
- Renting/buying premises
These new business loans are geared towards helping you to get going. They are flexible and do not charge any fees if you choose to settle early. They take the form of an unsecured personal loan so if you have more than one founder, you can each apply for a startup loan. This takes the maximum borrowing per business up to £100,000.
Startup Loans
You’ve got the perfect business idea, you’re itching to get off the ground but you’ve hit a stumbling block.
Fantastic
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All you need to know
Am I eligible for a startup loan?
To be eligible for a startup loan, you need to meet some minimum requirements before you can apply. These are:
- You are aged 18 years or over
- You live in the UK
- You are starting a new business or have one that has been trading for less than 2 years
- Your business will be based in the UK
- You have the right to work in the UK
How quickly can I access the funds?
If you are on top of your application and ensure that you respond to all requests, it is possible to see the funds in around one month.
Are any business types excluded?
Startup loans can not be used for businesses that are linked to:
- Property investment
- Banking
- Gambling
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Our experience was fantastic. Our advisor went above and beyond too secure us a small business loan.
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Our Advisor provided excellent customer service and catered for all my needs in a very professional manner! Excellent
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Exceptional service from the first contact. Always attentive and responsive, could not have asked for more.
Get in touch with us
If you have any questions on the right funding solutions for your business, get in touch with our friendly and experienced team.