Start or grow your own business with a loan and support from the Start Up Loans Company, a subsidiary of the British Business Bank, a government-owned business development bank dedicated to making finance markets work better for smaller businesses.
The Government’s Start Up Loan programme was created to provide finance and support for businesses who struggle to access other forms of funding. Over 46,000 business ideas have been supported since 2012 with more than £300 million worth of loans.
What’s a Start Up Loan?
It is a government-backed personal loan available to individuals looking to start or grow a business in the UK. In addition to finance, successful applicants receive 12 months of free mentoring and exclusive business offers to help them succeed. The loan is unsecured, so there’s no need to put forward any assets or guarantors to support an application. 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.
There is a fixed interest rate of 6% p.a. over 1-5 years, with no set up or early repayment fees, the free business support is there to give you the confidence to succeed, and includes support with business plans and cash flow forecasts.
Support and Mentoring
Support is an important pillar of the Start Up Loans brand. They offer all applicants guidance from a business advisor, or ‘mentor’ during the process. The mentors are experienced business professionals who are able to provide one to one support to new loan recipients throughout the early stages of their business journey.
The mentor can act as a sounding board, allowing you to trust your instincts while providing a different perspective. They can also advise on areas that new businesses may not have yet experienced, for example finance or legal issues. A mentor does not have any stake in your business, financial or otherwise.
How to Apply