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Start-Up Loans

When you are thinking of starting out in business for the first time, you need all the support and assistance you can call upon. As well as being exciting, it can be daunting, challenging and in some cases a lonely place to be, especially if you don’t know who to turn to for assistance.

What’s on offer

The Start-Up Loan Company (SULCo) provide personal loans for business purposes ranging from £500 to £25,000 at a fixed rate of 6% per annum, with no set up or early repayment fees, coupled with a package of support that includes:

  • Support with business plans and cash flow forecasts
  • Start-up workshops and one-to-one business support
  • A professional business mentoring service, post loan
  • Access to free PR services
  • Special business offers from partners; Intuit, Paypal and many more.

Who should apply?

Individuals who are starting a business or who have been trading for less than 36 months.

What is the Start Up Loans scheme?

A Start Up Loan is a government-backed personal loan available to individuals looking to start or grow a business in the UK.

In addition to finance, successful applicants receive 12 months of free mentoring and exclusive business offers to help them succeed.

The loan is unsecured, so there’s no need to put forward any assets or guarantors to support an application.

How much can be borrowed?

All owners or partners in a business can individually apply for up to £25,000 each, with a maximum of £100,000 available per business.

What are the repayment terms?

Loans are available from £500 to £25,000 at a fixed interest rate of 6% per annum and you can choose a loan repayment term between one to five years.

Who can apply for a Start Up Loan?

If you’re starting a new business or have been trading for less than two years, then you’ve met the first criteria for securing a Start Up Loan. Check out the other criteria below to make sure you’re eligible before applying.

You’re 18 years of age or older

You’re a current UK resident

You’re starting a new business or have been trading for up to 36 months

You’re unable to secure finance from other sources (self-declaration is ok)

Your business is based in the UK

You have the right to work in the UK

Your business type and loan purpose is eligible under terms of the scheme

You pass the scheme credit checks and you can afford to repay the loan.

Apply today and get support creating your Business Plan and Cash Flow Forecast.

If you are in a business partnership, buying an existing business or starting a franchise, you may be able to apply for a Start Up Loan if you fit the criteria above.

Who decides whether an applicant is suitable?

Once the application has been sent, the Start Up Loans Company then identifies a delivery partner for the applicant.

The chosen delivery partner then helps each applicant to identify what stage the business is at and then supports the applicant to develop a business plan, which will be pitched to a panel.

Those who pitch successfully will be provided with a loan, distributed by the delivery partner.

Delivery Partners:

The Start Up Loans Company currently has a large number of delivery partners in all regions of the UK.

What support is available?

As well as pitch training, delivery partners provide applicants with business support and mentoring to help them get their business started.

Applicants will also be eligible for benefits packages supplied by the Start Up Loans Company’s global partners, which include workspace provider Regus, accounting software provider Intuit and secure payments service Paypal.

There are lots of other corporate partners and discounts – more information is available on the Start Up Loans website.

Ready to apply for a Start-Up loan?

The Start Up Loans Company (SULCo) was established in September 2012, with a mission to help new and early-stage UK businesses access affordable finance and mentoring support. SULCo is part of the British Business Bank and deliver the Government’s Start Up Loans programme, providing finance and support for businesses who struggle to access other forms of finance.