What to expect on the Start Up Loans scheme

January 20, 2016

The government-backed Start Up Loans Company provide funding of up to £25,000 and free mentoring support to help start or grow your business. As of December 2015, they’ve helped more than 34,000 on the journey to becoming their own boss. If you’re interested in applying for a Start Up Loan, read the steps below to find out what’s involved.

1.     Visit the website and check your eligibility

The first step in your Start Up Loans journey is checking to see if you are eligible for funding and there are a few questions to answer. To do this, simply visit the Start Up Loans website and complete our simple eligibility checker.

2.     Getting started

If you are eligible for a loan, the next step is completing an expression of interest form on the Start Up Loans website. This is a simple form which requires you to provide us with some basic information, such as your contact details. These will then be sent to the most appropriate Delivery Partner who will contact you within three working days to get the process started.

What’s a Delivery Partner? A Delivery Partner is an organisation that we work with to deliver the Start Up Loans scheme across the UK. They will be responsible for providing pre-loan support, assessing your application and providing on-going support and mentoring.

3.     The application process

So you’ve filled out an expression of interest form on our website and you’ve been contacted by your Delivery Partner. Next you should expect to discuss your business idea with your Delivery Partner and complete a business plan, cash flow forecast and personal survival budget. They will also ask for some supporting documentation before your application can be put forward and considered for funding.

What if I need help completing these documents? Free, easy to use templates are available on our website and your Delivery Partner will offer support and guidance throughout your loan application.

4.     Access your mentor and get going

If your application for a Start Up Loan is successful, you will be offered an experienced mentor. You will likely have a lot of questions that need answering and decisions to make, and a mentor can provide guidance to help you grow and develop your business. You can also access more than 30 business offers including discounted website design, free accounting software and free legal advice.

If you have any further questions about the Start Up Loans scheme, please visit our FAQs.

If you’re still in the planning stages and not ready to apply for a loan, why not download the Start Up Loans ‘Essential guide to starting a business’ to help you turn that business idea into a reality?

We wish you all the best with your business.

 

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