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- To begin with, a Start-Up Loan is a government-backed personal loan available to individuals looking to start or grow a business in the UK. In addition to financial assistance, successful applicants will receive a year of free mentorship and access to special business opportunities. Assets or guarantors are not required to support an application as the loan is unsecured.
- Basically, all owners or partners in a business can individually apply for up to £25,000 each, with a maximum of £100,000 available per business.
- For example:
- At the Fixed interest rate of 6% p.a you can borrow £500 – £25,000 (The average loan amount is £7,200)
- 1 to 5 year loan repayment term.
- Free application support.
- Post-loan support and mentoring are free.
- Free templates & guides. No application or set-up fees.
Eligibility
To be eligible to apply for a Start-Up Loan, you must fit the following criteria:
- Firstly you should be 18 years of age or older.
- You must be a current UK resident.
- You should be starting a new business or have been trading for up to 24 months.
- You’re unable to secure finance from other sources (self-declaration is ok).
- Your business is based in the UK.
- You have the right to work in the UK.
- Your business type and loan purpose is eligible under the terms of the scheme.
- You pass a credit checks and you can afford to repay the loan.
Excluded business types:
Most business types are eligible to be funded with a Start-Up Loan, however, they are not able to support the following business types:
- Weapons
- Chemical manufacture
- Pornography
- Drugs
- Illegal activities
- Banking & money transfer service and other FCA regulated activities
- Private investigators that do not hold the appropriate license
- Gambling and betting activities
- Property investment
- Agents for third parties, where a third party earns the majority of the revenue or your business would only be earning a commission.
- Charities.
Excluded loan purposes:
- Furthermore, Start-Up loans are intended to help with the start-up and development expenditure of a firm.
- As a result, it is not possible to utilize the loan to support the following activities:
- Debt repayment
- Training, qualifications, or education programs
- Investment opportunities that do not form part of an ongoing sustainable business.
.
How Do I Apply?
The steps involved in applying for a Start-Up Loan:
STEP 1
DOCUMENT VERIFICATION & REGISTER
- Firstly, contact us on help@bizlawuk.co.uk to state your interest in a start-up loan and fix a time to speak with us about your business. We will then provide you with a link to register via our website www.bizlawuk.co.uk, which will enable you to start your application as well as offer you a free legal health check. At this stage, all you’ll need to provide is basic details such as your full name and contact details including website if any, email address, and mobile phone number. After registering via the link on our website, you’ll receive an email asking you to create an account and password so you can log into their customer portal where you can start your application.
STEP 2
COMPLETE AN APPLICATION FORM
- Provide information about your situation, the amount you’re seeking, and how you’ll use the loan.
- Further, a personal credit check will be made to assess your eligibility with the Scheme’s commitment to responsible lending.
- You will be required to submit a Business Plan, Cash Flow Forecast, and Personal Survival Plan once your credit has been approved. You will be allocated a dedicated business advisor to help you. There is a 90-day window for you to complete your application.
STEP 3
FINALISE BUSINESS DOCUMENTS
- Your business adviser will review your business plan as well as any key supporting documents and will work with you to get them ready for assessment. Their assessment will take into account the strength and viability of your business demonstrated through the Business Plan and Cash Flow Forecast and the affordability of the loan through your Personal Survival Budget. Finally, If your application is successful, you will be invited to take up 12-months of free post-loan support.
For assistance with Start-up loans contact help@bizlawuk.co.uk or WhatsApp 07583452230. Visit www.bizlawuk.co.uk to find out more about how we can help you with our other services.
