Start-Up Loans

Summary of Scheme – Bullet Outline.

• This is UK Government back Scheme.
• It is start up Loan.
• Offers free mentoring from Experi3enced Advisors (Their Advisors)
• Borrow from £500 to £25,000
• Fixed interest rate of 6%p.a.
• 1-5 year loan repayment term
• No set-up or early repayment fees
• The loan is unsecured, therefore, no need to put forward any assets of guarantors.
• All owners or partners in a business can individually apply for up to £25,000 each.
• With a maximum of £100,000 available per business.
• Loan calculator https://www.startuploans.co.uk/loan-repayment-calculator/
• Register Eligibility Check & Personal Details https://apply.startuploans.co.uk/s/register?deliverypartner=apply
• Need to provide:
  • Business Plan
  • Cash flow forecast
  • Personal survival budget
• It also supports New Enterprise Allowance participants.
• You can also obtain finance which is Sharia compliant investment product.
• If your business is successful, you can apply for the second loan to enhance it further.

They offer free business support:

• Pre-loan support with business plans and cash flow forecasts
• 12 months of free mentoring for loan recipients
• A range of useful templates & start up guides
• Business offers

Requirements

• Must be over 18
• Currently reside in UK
• Starting a new business or have are trading for up to 24 months
• Unable to secure finance from other sources
• Business is UK based
• Have the right to work
• Must be eligible (see Business Excluded & Loan Purposes)
• Must pass the credit check
• Must be able to repay the loan

Business Excluded & Loan Purposes:

• Debt repayment
• Training, qualifications or education programmes
• Investment opportunities that do not form part of an on-going sustainable business
• Weapons
• Chemical manufacture
• Pornography
• Drugs
• Illegal activities
• Banking & money transfer service, and other FCA regulated activities
• Private investigators that do not hold the appropriate licence
• Gambling and betting activities
• Property investment
• Agents for third parties, where a third party earns the majority of the revenue or you would only be earning a commission (not to be confused with franchise businesses which are eligible to apply)
• Charities

Excluded Loan Purposes:

• Debt repayment
• Training, qualifications or education programmes
• Investment opportunities that do not form part of an on-going sustainable business

How to Apply the Loan:

• Complete the eligibility check.
• Complete your registration by providing basic details such as name and contact details.
• Thereafter, you will receive an email to create your login details to access your customer portal.
• Complete the application form.
• Business advisor will review the application.
• If approved, you will be sent loan agreement and be invited to take up twelve months of post loan support.