The Start Up Loans Company is a UK-wide, government-backed scheme, which offers a repayable loan to individuals over the age of 18 who have a viable business idea but no access to finance. The scheme funds businesses in every sector. As well as financial backing all loan recipients are given access to a mentor, free training events and exclusive business offers.
SWIG Start Ups is part of a network of official Start Up Loans delivery partners across the UK who administer the scheme.
SWIG guides you through the application process, including advice on creating a business plan and cashflow forecast. If you receive a loan SWIG will then support you through your journey, providing you with a business mentor.
You must have the legal right to remain in England for the duration of your loan term and the right to be self-employed. Every loan application is considered according to the needs of the business, with an average loan size of around £6,000 however the loan amount will be determined by the business case.
Start Up loans are available to businesses yet to launch or those that have been trading for up to 12 months, although in certain circumstances this may be extended to 24 months.
Only one Start Up Loan can be granted per person, however more than one person in a company can be eligible for a loan.
Solent Business Growth Network provides client co-ordination, application verification, business support and mentoring services to clients of SWIG to encourage young start-ups in the Solent area.