A Start Up Loan is a personal loan for business purposes, it aims to help individuals starting a new venture which is either still in the planning stages or has been trading for up to 12 months, although in certain circumstances this may be extended to 24 months.
Anyone aged over 18 at the time of registration and living in the UK, is eligible to apply for a loan. You must have an acceptable business idea and want to use the loan monies to support this venture. You may have already started your business, but you cannot have been trading for more than 12 months. You must have the legal right to remain in the UK for the duration of your loan term and the right to be self-employed.
Every loan application is considered according to the needs of your business, with an average loan size of around £6,000. The final loan size will be determined by your business plan.
Only one Start Up Loan can be granted per person, however more than one person in a company can be eligible for a loan.
You are required to pay back the loan within 1-5 years, however the exact term of the loan will be agreed with your Delivery Partner as part of your application process.
The Start Up Loan must be repaid in full with a 6% annual interest.
Anyone applying with a business idea will have theiridea evaluated at the time of application to ensure the business has potentialand is a feasible idea. The business plan will also have to highlight how theloan will be used to start and support the business.
- the individual applying for the loan must be over 18 years old and living in the UK
- the average loan size is around £6,000
- the loan carries a standard 6% annual interest rate
- businesses are required to pay the loan back within one to five years the exact term will be agreed by the business's Delivery Partner as part of the application process.
About the Start Up Loans Company
The Start Up Loans programme was created within The Department for Business, Innovation and Skills, which is designed to go some way to help solve the problem of supporting people who have a feasible business idea but no access to finance. The Start Up Loans programme aims to equip enterprising individuals with the tools needed to make their businesses a success.
The Start Up Loans Company operates through a network of Delivery Partners across the country, who support loan recipients in all industries and sectors.
For more information contact:
The Start Up Loans Company
0300 456 3565
Alhamba House, 27-31 Charing Cross Road, London, WC2H 0AU
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