Having helped more than 36,000 recipients, the government-funded Start Up Loans Company could help you realise your small business dreams. Here, Business Advice explains how to apply.
As well as funding in the form of personal loans for business purposes up to the value of £25,000, the company offers free mentoring support to you help start or grow your small business.
With a total of over £200m already lent to founders, find out how you can join the other Start Up Loan recipients and turn your idea into a reality.
The first step in your Start Up Loans journey is visiting the Start Up Loans website and clicking on the “Get Started Today” button. This will take you to a simple four-step form that you will need to complete in order to register your interest in the scheme.
The first stage of the form is checking to see if you are eligible for a loan by answering a few simple questions.
Next, the form will ask you to provide some basic information, such as your contact details.
Your details will then be shared with one of Start Up Loans’ network of delivery partners who will contact you to discuss your plan.
What is a delivery partner?
The Start Up Loans Company works with a network of expert delivery partner organisations who support applicants in all regions and industries throughout the UK.
They will be responsible for providing pre-loan support, making the loan decision and providing ongoing support and mentoring for the first 12 months after you draw down the loan.
Once you’ve been contacted by your delivery partner you should expect to discuss your business idea with them. They will then work with you to submit the following documents:
- Business Plan
- Cash flow statement
- Personal survival budget
- Photo ID
- Proof of Address
- Copy of the last consecutive 3 months of current account Personal Bank Statements, so we can assess your affordability in line with our responsibilities as a lender
If you need support with your business plan, cash flow or personal survival budget, templates are available on the Start Up Loans website and delivery partners will offer support and guidance throughout your loan application.
How long does the process take?
The more preparation you have done the quicker Start Up Loans, or one their delivery partners, will be able to process your application. This means submitting documents as well as having a business plan and cash flow ready.
Want more information? Visit the FAQs page on the Start Up Loans website.
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