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.