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Startup Loans | Not Business Loan

Business Loans | Last Year Only 1 in 5 Applications Approved.

Start-up funding is very difficult to come by with many new businesses seen as a too high risk. Whether you are starting a new business or wanting to buy an existing one if you have no equity from any other sources you will struggle to get a traditional bank loan. Last year alone only 1 in 5 applications were approved.

What is a Startup Loan

Start Up Loans is a government-backed scheme helping individuals start or grow a business in the UK. Alongside the low-interest loan, successful applicants can access free mentoring from experienced advisers.

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Startup Loans Product Overview

  • Unsecured personal startup loans of up to £25,000 per founder
  • Maximum of £100,000 for any one business
  • Monthly repayments over 1-5 years (6% p.a. fixed)
  • Second loans (for the same business) are possible after 6 months of the first loan

Startup Loans for new businesses

The startup loans is a personal loan, it is not a business loan. This loan will be attached to you personally and appear on your personal credit file.

The loan will be means tested and you will need to provide proof of three month’s clean personal bank statements with the initial application.

Personal Eligibility

  • Aged 18 or over
  • Must reside in England or Scotland
  • Pre-start or under 36 months trading
  • Able to work in the UK on a full-time basis with no restrictions on type of work or self-employment.
  • Must fall within Credit Policy rules
  • Must not already have a Startup Loans 
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Business Eligibility

Most types of businesses considered, except businesses associated with:

  • Pornography, drugs, weapons, gambling
  • Credit, investment, lending, money transfer services
  • Private investigator work
  • Property investment or development
  • Working as an agent (franchises are acceptable, discuss first)
  • Any business that is illegal within the UK or, if an exporting business, within the destination country.

Check Eligibility

Fill out our forms on this page to see if you are eligible to receive a government backed startup loans of up to £25000 to help start your business.

Startup loans not what you are looking for!

Even if a startup loans is not what you are looking for. If you are looking to raise funding for your business. You are going to need a business plan.  Do you have a business plan? Have you thought through your idea?

First of all, you need to start asking yourself about:

  • The business 
  • Its customers
  • How much do you need to charge for the product or service.
  • Also how will you find customers?

The planning of any business takes time and a lot of effort. However, those that plan will build a clear understanding of their business and what they want to achieve from it.

You need to make sure you understand your numbers and how they work financially. Also this is the time you will be able to see if you are charging enough. Consequently you will see how many of the service or products you need to sell. It is a fact that many people still start a business without completing a basic cashflow forecast.

Over the years I have visited companies and met with  Directors who are unable to  tell me basic financial information about their business. In my latest book ‘ How to Write a Business Plan That Gets Results’.

I share with you a step by step guide that will help you to create a business plan. It comes with access to a full range of formulated templates which include:

  • Business Plan Workbook
  • Cashflow Forecast
  • Profit & Loss
  • Balance Sheet
  • Plus a loan expenditure template
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Personal Development

Starting a business can be overwhelming, make sure you give yourself the best chance of success.

Flying Start Academy offer free online entrepreneur training courses. Invest in yourself,  by taking part in our first course.  ‘Master the Mindset of a Successful Entrepreneur in 24 Hours’. Find out more

Further Reading

  1. Persuasive Writing for Business Author Patrick Forsyth – reviews how to define your message clearly and present it powerfully and persuasively.

Question – What problems have you found when seeking finance to get your business started? Please feel free to comment below.

One thought on “Startup Loans | Not Business Loan

  1. Hi Ford Richard thank you for taking the time to visit the site, I can see that you offer commercial mortgages in the US. I will be doing a feature very soon on this topic if you are interested in making a contribution. Please get intouch with me wendy@wendykipling.com

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