Start or grow your own business
- Borrow up to £25,000
- Fixed interest rate of 6% per annum (per year)
- Repay over a term of 1–5 years
- 12 months of free mentoring
A Start Up Loan 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.
If you are in a business partnership, buying an existing business or starting a franchise, you are able to apply for a Start Up Loan if you fit the criteria above.
How To Apply
STEP 1: ELIGIBILITY & REGISTER
First, complete the eligibility check. If you are eligible, you will be asked to register, which will enable you to start your application. At this stage, all you’ll need to provide is basic details such as your name and contact details.
After registering you’ll receive an email asking you to create an account and password so you can log in to the customer portal where you can start your application.
STEP 2: COMPLETE AN APPLICATION FORM
Stage 1: Provide information about your situation, how much you’re seeking and how you’ll use the loan.
Stage 2: A personal credit check will be run to further assess your eligibility in line with the Scheme’s commitment to responsible lending.
Stage 3: Upon passing the credit check, you will be asked to submit a Business Plan, Cash Flow Forecast and Personal Survival Budget.
Upon passing the credit check, you’ll be assigned to one of the Delivery Partners with a dedicated business advisor. There is a 90-day window for you to complete your application.
STEP 3: FINALISE BUSINESS DOCUMENTS
Your business adviser will review your business planning documents as well as any key supporting documents, and will work with you to get them ready for assessment.
The loan assessment will take into account the strength and viability of your business, demonstrated through the Business Plan and Cash Flow Forecast and the affordability of the loan through the Personal Survival Budget.
If your application is successful, you will be invited to take up 12-months of free post-loan support.
If you need help creating your business plan, cash flow forecast or personal survival budget, there is a range of free templates that you can use.
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