If you’re in the process of setting up a new business or within your first two years of trading, then there’s a good chance you need some financial support to realise your goals. Our sister organisation, Outset Finance is a national Start Up Loans provider and may be able to help.
Start Up Loans is a UK-wide, government backed scheme, which offers a repayable loan to individuals over the age of 18 who have a viable business idea but no access to finance. The scheme funds businesses in every sector, and as well as financial backing, all loan recipients are given access to a mentor, free training events and exclusive business offers.
Outset Finance is part of a network of official Start Up Loans delivery partners across the UK who administer the scheme. They can guide you through the application process, including advice on creating a business plan and cash flow forecast, and if you are awarded a loan, you will then receive support throughout your journey in the form of a business mentor.
People typically borrow between £2,500 and £10,000 (although you can apply for up to £25,000) and the loans have a competitive fixed interest rate of 6.2% APR.
There are a few key eligibility requirements that you’ll need to meet in order to apply for a loan:
- You have not yet started trading, or have been trading for less than 24 months
- Your business is/will be based in England
- You have been refused by a bank
- You are not and have not been bankrupt and you do not have any outstanding Individual Voluntary Arrangements (IVA)
- You are eligible to live and work in the UK
- You have not taken out a Start Up Loan through any other provider
How to apply:
To find out more about Outset Finance and how to apply for a Start Up Loan, including details about the application process, go to www.outsetfinance.com or call 0800 3898 188