Start up loans
Startup Loans is a government funded scheme to provide advice, business loans and mentoring to startup businesses, backed by the British Business Bank.
The UK Government-backed scheme is now available, and could make the difference to help you get going with your business ideas.
Through the scheme businesses could access:
- Start Up Loans of up to £25,000 to start-ups that have been trading for up to 3 years, up from 2 years
- New 'second loans' available for businesses that have been trading for up to 5 years.
Start Up Loans provide a fixed interest rate of 6%, as well as mentoring, support and funding to aspiring business owners across the UK, providing support to those who might find it difficult to secure loans from traditional lenders.
The loan can be spent on a wide range of expenses related to business growth, like employees, equipment, stock, premises, and marketing expenses.
A new second loan will be available to businesses operating for up to 5 years, providing eligible businesses between 3 and 5 years old government-backed finance to support their expansion.
More details on the loans and how to access them can be found at www.startuploans.co.uk.