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Launched back in 2012 by the Start Up Loans Company, The Start Up Loans program was introduced to encourage entrepreneurship in the UK and provide easier financing access to new businesses.
For those eligible, this government-backed personal loan offers borrowing of up to £25,000 along with a repayment plan at a fixed interest rate of 6% per annum, over a period of 1-5 years.
In addition to financing, the Start Up Loans program provides 12 months of free business mentoring via its network of Delivery Partners and free Open University business learning courses, for its successful applicants.
In this guide, we’ll explain how the Start Up Loans Program works, what are the eligibility requirements, the application process, and how you can appeal if your application is declined.
A Start Up Loan is a government-backed, unsecured personal loan. So there’s no need to include any assets or guarantors with your application.
Available to individuals looking to start or grow a business in the UK.
Business owners can individually apply from £500 to £25,000 each, with a maximum of £100,000 available per business.
The loan can be repaid throughout a period of 1-5 years with a fixed interest fee of 6% per annum.
You can use the online form to apply.
You can submit an appeal 30 days after you have received an outcome email, by completing the online contact form.
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