Start Up Loan Scheme expanded

The Government has expanded eligibility for the Start Up Loan Scheme.

• Businesses that have been trading for up to three years are now able to apply, an increase on the previous two-year limit.
• Businesses can also apply for a second loan if they have been trading for less than five years.

Criteria

The Start Up Loan Scheme is designed to support aspiring business owners who might struggle to raise finance elsewhere.

• Loans are available from £500 to £25,000
• Most purposes qualify. Principal exclusions are debt repayment or training and education programmes
• Interest is fixed at 6% per annum
• Your business must be based in the UK, and you need to be a UK resident with a right to work here
• Most business activities qualify, but there are some exclusions, including money transfer services and other FCA regulated activities.

Alongside the finance, borrowers are also provided with valuable mentoring support.

For more details and how to apply, check out our earlier post.