British Business Bank
Whether you’re taking the first steps or have been trading for a while and looking to grow, the British Business Bank's Start Up Loans programme can help you achieve your business goals.
Who are the British Business Bank?
The British Business Bank (BBB) is a 100% government-owned but independently managed development bank that provides finance and support for UK businesses.
So far, the British Business Bank has provided over £941 million worth of loans through their Start Up Loans programme, supporting over 100,000 startups across the UK.
What is the British Business Bank's Start Up Loans programme?
The Start Up Loans programme was launched in 2012 and is delivered through a subsidiary of the British Business Bank. It allows businesses and individuals to get access to startup funding and support to help kick start an idea or grow a business.
What type of business funding does the British Business Bank provide?
The British Business Bank's Start Up Loans programme offers personal loans that allow new businesses to apply for funding up to £25,000. Their loans are made simple with a fixed low-interest rate of 6% per annum.
They offer flexibility in repayment terms, letting you stretch repayments over a period of one to five years. There are no setup or early repayment fees either.
As a bonus, British Business Bank's programme also offers business help. They offer 12 months of free mentoring to ensure your business gets off to the best start possible. There is also pre-loan support to help new business owners with their business plans and cash flow forecasts.
On top of all that, getting finance through the programme also grants you access to exclusive discounts on business products from big names such as Intuit, Experian and O2.
How do you apply and qualify for funding with the British Business Bank?
You will need to fill in an online application which checks your eligibility. As part of your application, you will need to undergo a credit check.
To qualify for funding, you will need to either have a new business or grow an existing one that has been trading for less than 36 months. You will need to be 18 years or older, a UK resident, be able to pass a credit check and of course, be able to repay the loan.
They aim to provide funding for as many business types as possible, but there are some exemptions which are detailed on their website.