Start-up loans are a government initiative designed to help support new business starters and entrepreneurs. They’re available to people who are 18 years or over and living in the UK. If you have a business idea and need some support and financial help to get going, a start-up loan is an option you might want to consider.
The scheme is run by the start-up loans company, and help is offered throughout the process. Once you’ve registered, you will need to make a business plan, which a business advisor will provide you with on behalf of the loans company.
If your application is successful, you’ll come out with a fixed term low-cost loan. You can borrow up to £25,000, for between 1 and 5 years. You can also take advantage of free mentoring and business advice – the loans company puts you in touch with qualified business professionals who are there to support you as you develop your business. The company also has a number of other resources which you can use, including business offers and a start-up toolkit.