Wattsford Commercial Finance has partnered with the Business Enterprise Fund to deliver the Start-Up Loans scheme to UK entrepreneurs.
Start Up Loans is a government-backed scheme, providing repayable loans and mentoring to individuals in the UK with a viable business idea but no access to finance. We will help you through the application process, including advice on creating a business plan and cash flow forecast. There are no fees charged for obtaining a Start-Up Loan.
What is a Start-Up Loan?
A Start Up Loan is a personal unsecured loan for business purposes. Applicants must be 18 years or older at the time of application and live in the UK. Individuals can receive one loan, however up to 4 partners in a business can apply for a Start Up Loan. Please note that you will be credit checked as part of your application.
Start-up business loans are for people who either want to set up a new business or already have a business that has been trading for less than 2 years. For many businesses trading for less than 2 years it can be difficult to access finance, as Commercial Finance Brokers we’re often able to help clients secure larger sums of money and provide access to Angel Investors.
- £500 to £25,000 Finance Available
- Access to Top Up Funds
- 6% P.A. Fixed Interest Rate
- £7,000 Average Loan Size
- For Pre-Start Businesses
- For Businesses Trading up to 24 Months
- 1 to 5 Year Loan Term
- No Application Fee
- No Early Redemption Fees
- For UK Based Businesses
Are you Eligible?
Answer yes to these 3 statements then you are eligible to apply:
- Are you 18 or over?
- Do you live in the United Kingdom?
- Has your business not started trading yet or been trading for less than 2 years?
Apply in 3 Easy Steps
- Complete the registration form below on the Start Up Loans website.
- Our Business Advisors will help you with your application.
- Sign the loan agreement, receive the money in your bank account and get assigned a mentor!
Each business founders (partner, director and or shareholder) can apply for a Start Up Loan. Loans are available from £500 up to £25,000 per applicant.
If your business partners are also applying, they will need to apply separately. Final loan amounts are assessed on the needs of your business.
When applying for a start up loan a credit search will be carried out by The Start Up Loans Company. There are several Credit Reference Agencies including Equifax, Experian and CheckMyFile. CheckMyFile provides a detailed online credit report from Equifax, Experian, TransUnion and Crediva. You can get a 30 day free trial with CheckMyFile if you have never checked your credit score with them before.
Then let’s get started…
Registering for your Start Up Loan
Registering for your start-up loan is easy after clicking the Submit button above you will be asked to complete a short eligibility questionnaire on the Start Up Loans website. Once you’ve completed the questionnaire you will receive an email from the Start Up Loan Company to continue your application.
The Start Up Loans Company will complete a credit chech on you, it may be worthwhile to check your credit profile with CheckMyFile beforehand. You will be asked about your Business Plan, Financial Forecast and Personal Survival Budget, please select the option ‘I need help with this‘.