Borrow between £500 and £25,000
〰️
Fixed interest rate of 6%
〰️
Repay over a term of 1 - 5 years
〰️
Government backed scheme
〰️
Personal Loan for Business use
〰️
Borrow between £500 and £25,000 〰️ Fixed interest rate of 6% 〰️ Repay over a term of 1 - 5 years 〰️ Government backed scheme 〰️ Personal Loan for Business use 〰️
Government Backed
Startup Loan Scheme
A Government incentive launched in 2012 to encourage entrepreneurship in the UK. This Start Up Loan scheme is a personal loan of between £500 - £25,000 available to anyone that is looking to start or grow a small business. With a fixed interest rate of 6% and repayment terms between 1 to 5 years, this is a suitable option for many businesses.
To qualify you will need a detailed business plan and cash-flow forecast. You’ll also need to be able to prove that you can afford the monthly repayments (should you need to) and to prove that you are eligible to work in the UK.
What Are The Benefits?
Borrow between £500 and £25,000
Fixed interest rate of 6%
Repay over a term of 1 - 5 years
Government backed scheme
What Should I Be Aware Of?
Personal loan for business use
Lots of detailed business documentation required
British Business Bank may decide to split payments into tranches
What Do I Need To Apply?
Proof of identity
Proof of address
Proof of your right to work in the UK
Proof of an active personal bank account
3-months of personal bank statements
To be able to evidence how you will pay back the loan if your business fails
To be able to pass a credit check
Detailed business plan
Personal survival budget
Sales assumptions for Year 1
Cashflow forecast for Year 1
Detailed breakdown showing what you will use the loan to purchase
Quotes for large value items listed in your loan spend
How Can Launch Help Me?
As experienced start-up specialists, we have already helped hundreds of entrepreneurs like yourself to gain funding and setup their businesses.
Business Plan
Writing
We write bespoke business plans for all industries. Having completed many business plan for various industries, we have the tools and knowledge to complete business plans to meet lending requirements.
Cashflow Forecast &
Sales Assumptions
We use our knowledge of the UK markets to create realistic sales assumptions and cashflow forecasts for year one trading, as is required by the British Business Bank.
Finance Application
Support
Whilst this is a personal loan so the application needs to be completed by yourself. Your dedicated account manager will be on hand to support you with any questions throughout the process.