Start Up Loans provides unsecured loans of up to £25,000 to new and early-stage businesses. Created by the UK Government in 2012, we’ve backed almost 60,000 businesses, providing loans and free mentoring to some of the brightest new businesses in the UK.
Created to support people unable to secure finance through traditional outlets, the Start Up Loan scheme supports people in many different industries start and grow their businesses. If you have been trading for fewer than 24 months, even if you’ve not yet started your business, you can apply for a Start Up Loan of up to £25,000 at a fixed rate of 6% pa. Loans can be paid back over 1 to 5 years, with no early repayment fees if you want to pay back early.
Everyone who applies for a Start Up Loan has the opportunity to work with a dedicated Business Advisor to enhance their business plan and cashflow forecast. And if you’re successful in your loan application, you’ll be entitled to a year of free mentoring and unique business offers to help you get started.
"The process was well structured and clearly explained. The business plan had a great deal of guidance to help you fill it out and ensure you really considered carefully the viability of the business. Support was given where needed throughout the application process. Communication was excellent and you were kept well informed at all times."
"Mentoring was a brilliant element to the loan itself. Having a mentor through the start-up process really helped."
"Start Up Loans give you the cash and the support to make it work, it’s a package that can’t be beaten."
Q: What's the strangest/most interesting funding request you've ever had?
A: Some of today’s fastest growing brands began their journey with a Start Up Loan. Cornerstone razors, Silk Fred, Pip & Nut, and the London Sock Company. But one of the most unique companies we’ve supported is the Myim Mermaid Academy, where people can learn how to be a mermaid. The Academy has even been featured on the BBC and in The Times.