If you want to start a business project you’ll know that finance can often be a problem; you need money in order to make money. It’s a chicken-and-egg situation.
But, if you know how and where, there are people that will give you the money to get started, or lend you it on special terms. And you won’t need a bank either!
A loan could help turn your business plans into reality and one source really worth looking into is the official Start Up Loan scheme…
Start Up Loans are loans aimed at 18-30 year olds in England who are looking for finance to start a business, and have a business idea all set up and ready to run.
The target is to lend £112 MILLION by April 2015… and it’s available to apply for now!
It’s easy to make an application. You can register now to apply for a loan and when the loans become available in your area your registration will automatically apply you.
Start Up Loans are provided by the Start Up Loans Company through local Delivery Partners. When you apply through Start Up Loans they will identify the right Delivery Partner for you in your region. The Delivery Partner will then work with you to identify what stage you’re at in your ideas process, and help you present your business proposal to a panel where you will pitch for a loan. If successful, you will receive the funding for the loan which will be administered by the Delivery Partner directly.
Mentoring will be provided with the loan, and often during the application process as well, giving you additional support and guidance as you plan and set up your business. Some Delivery Partners also provide other support, such as free use of a business centre, free software, and even a free eBay store in some cases.
You can find out more and apply by clicking on the Register tab on the Start Up Loans Facebook page or directly on the application form here.
Start Up Loans are available for £2,500 repayable over five years at a low, fixed rate of interest.
What if you’re not eligible for a Start Up Loan?
Perhaps you’re over 30, don’t live in England, need more than £2,500…
Don’t worry! There are lots of other places that offer business loans or grants (grants are even better than loans because you don’t have to pay them back.) A good place to find more sources is Gov.uk’s Business Finance Support Finder.