Three key considerations:
- A start up loan is a government-backed personal loan available to individuals looking to start or grow a business in the UK (available to businesses that have been trading for 24 months or less).
- In addition to finance, successful applicants receive 12-months of free mentoring and exclusive business offers to help them succeed.
- All partners in a business can individually apply for up to £25,000, with a maximum of £100,000 per business. The loan is unsecured, so there’s no need to put forward personal assets or guarantors to support an application, although borrowers may be liable in the event the loan is not repaid.
What is a start up loan?
If you have a great business idea, or have been trading for less than 24 months and are looking for finance and support to help develop your business, a startup loan from Start Up Loans could help.
Funded uniquely by the British Business Bank, Start Up Loans is a national scheme to provide advice, loans and mentoring to startup businesses. Applicants can apply for a startup loan via The Start Up Loans Company or one of their delivery partners.
Further information can be found on the Start Up Loans Company website.
Other sources of start-up debt finance
If the Start Up Loan scheme isn’t appropriate for you, an alternative option is a loan from a responsible finance provider. They provide fair and affordable loans to new and existing businesses across the UK, and are specifically designed to help the businesses that are viable but unable to get the finance they need elsewhere. To find your nearest responsible finance provider visit www.findingfinance.org.uk.
To explore finance options for your business more widely, go back to the Finance Journey tool.