on the Start Up Loans website
What you need to know
2. What you need to know
Find out what you can get and if your business is eligible
How much you can get
To apply for a loan you must be:
- be aged 18 or over
- be a UK-resident
- have, or plan to start, a UK-based business which has not been fully trading for more than 24 months
- not currently be bankrupt or on a Debt Relief Order (DRO), nor have you been discharged from one of these in the last two years
- not currently have an outstanding Individual Voluntary Arrangement (IVA) or Trust Deed, nor have you been discharged from one of these in the last two years
- not currently be on a Debt Management Programme or Debt Arrangement Scheme
Start Up Loans are government-backed and charge an interest rate of 6% fixed per annum. Loan terms are available from 1 to 5 years, with no application fee and no early repayment fee.
Applicants will receive free support and guidance to help complete their business plan. Loan recipients have access to receive free mentoring for 12 months following receipt of their loan.