What is the Start Up Loans scheme and how does it work? The Start Up Loans Programme was launched in 2012 by the Start Up Loans Company, with the aim of promoting entrepreneurship in the UK and making it easier for new businesses to access financing. This government-backed personal loan is available to individuals who are eligible and allows for borrowing up to £25,000. The scheme includes a repayment plan set at a fixed interest rate of 6% per annum over a period of 1-5 years. Successful applicants benefit from 12 months of free business mentoring through the programme's network of Delivery Partners and access to Open University business courses. What are the requirements to be eligible for the loan? Applicants must be at least 18 years old, a resident of the UK with the right to work, and have a business based in the UK that has been trading for less than 2 years. Additionally, applicants must demonstrate that they are unable to obtain financing from other sources and have passed a credit check, indicating their ability to repay the loan. Also, for a business to be eligible for the loan scheme, its business activity must not be related to any of the following categories: Weapons Chemical manufacture Drugs Illegal activities Banking & money transfer services. Private investigators Gambling and betting Property investment Charities What are the benefits of the Start Up Loans scheme? Opting for a government-backed loan to finance a business has numerous benefits. One of the major advantages is that the loans are "unsecured". This means it does not require any collateral or personal guarantee. Therefore, the risks associated are low. Moreover, the interest rate and overall repayment terms are comparatively more favourable than other types of business loans. This scheme is very useful for individuals, especially directors of new limited companies to fund and help their company grow. If you have any questions regarding this please do not hesitate to contact us. At your service!

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