Funding your Business Guide

Some Search Links swoopfunding.com/uk/business-grants smallbusiness.co.uk/small-business-grants-uk-2548113 grantsonline.org.uk/news/business-development princes-trust.org.uk/how-we-can-help/support- starting-business Government’s Start Up Loan Scheme The British Business Bank has a start up loan scheme where individuals can borrow between £500 and £25,000 of startup investment. This is a fixed rate of loan of currently at 6% based on 1 to 5 years repayment with no administration or set up fees. On successful application owners are partnered with a mentor for additional support. This is an unsecured personal loan and comes with the standard credit checks. The assessment of the loan will also look at the viability of the business to pay back the funds and will want to review your personal survival budget as part of the application. You don’t have to take all

the loan in one go. (You can tranche it, meaning borrow some now and get the rest later). If you are successful and repay it you maybe eligible for a second loan. The loan offers very favourable terms of interest rate for new businesses, but the scheme does require a good business plan to be successful.

For more information on the scheme go to www.startuploans.co.uk

The scheme is popular.

105,983 Businesses backed so far

£1.014bn Money lent so far

£9,950 Average loan size

30 Businesses backed per day

Personal Loans Peer to Peer Lending sites and the Government Start Up scheme all offer loans against your personal credit. There are plenty of