Startup Loans

Whether you’re taking the first steps or have been trading for a while and looking to grow, a Start Up Loan can help you achieve your business goals.

Who are Startup Loans?

Startup Loans is a government-backed finance provider for new businesses which allows them to get the help they need when setting up a company. So far, Startup Loans have provided more than £500m worth of loans to over 63,000 businesses in the UK.

Startup Loans was first founded in 2012 as a subsidiary of the British Business Bank to deliver the Government’s Startup Loans programme.

What type of business funding do Startup Loans provide?

Startup Loans 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, Startup Loans also offer 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 with Startup Loans 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 Startup Loans?

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 24 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.