A Start Up Loan is a government-backed personal loan aimed at helping new businesses get off the ground, especially those who find it difficult to source finance from traditional lenders.
Eligible new business owners can borrow between £500 and £25,000 at a fixed interest rate of 6% per year. Loans are repayable over 1-5 years, offering flexible terms for businesses under three years old.
Since the loan is personal, if there are partners in the business, each partner can apply for up to £25,000, with a maximum loan per business of £100,000.
How to Qualify
To apply, you must:
- Be 18 or older with the right to work in the UK
- Live in, and base this business in the UK
- Own a business that is either in the idea stage or less than three years old
- Not including ineligible businesses
No need for collateral or a business credit score makes it accessible to a variety of entrepreneurs, including those with innovative start-ups or sole traders.
Benefits Beyond the Loan
In addition to financing, free mentoring provides advice on business planning, marketing strategies, and financial management. This support can be crucial during the challenging start-up phase.
Get Help Applying or Managing Your Loan
Navigating funding options can be complex, especially when you need to balance tax and accounting responsibilities. At UHY Ross Brooke, we help start-ups plan their finances, manage cash flow, and handle tax efficiently.
Contact us today to discuss how we can guide you through the loan application process and provide tailored financial advice to support your business growth.
More information
Find out more about UK Government-funded start-up loans
