The Start Up loan is a personal loan.
The amount that you can borrow will be agreed between yourself and the delivery partner. However the average loan size will be around £2,500.
To apply for a loan you should be at least 18 years of age (at the time of your application) and younger than 25 (at the time of the launch on 28 May 2012), living in England and interested in starting a business.
How to apply:
You can apply by clicking on the Register tab on the Start-Up loans Facebook page.
What is the Application Process?
When you apply through Start Up loans, we will identify the right loan provider (delivery partner) for you that is serving your region. The delivery partner will then work with you to identify what stage you’re at in your idea process, and help you present your business proposal to a panel where you will pitch for a loan. If successful, you will receive the funding for the loan which will be administered by the delivery partner directly. Mentoring will be provided with the loan, and often during the pre-pitch process as well, giving you additional support and guidance as you go through an entrepreneur’s journey.
If I receive a Start Up loan, what are the payback terms?
You will be required to pay back the loan within three to five years at a fixed APR (annual percentage rate) of 3 per cent plus RPI (Retail Price Index) which is currently 3.5 per cent.
Will I receive any practical support?
In addition to your loan you will also receive business support and mentoring to help develop your idea.
What else do I receive?
As well as the loan, business support and mentoring applicants will also receive a free copy of the Start-Up Loans kit, which offers all the guidance you need to start a business, plus more than £500-worth of offers on products from business cards to websites, netbooks and work suits. You will also be eligible to enrol in complimentary resources from a number of our Global Partners, all of whom will be announced on our Facebook page, and communicated to you once you have received your loan. For example, six months free access to Regus’ Virtual Office Package and access to most of their business lounges across the world.
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