Startup Loan
Everything you need to apply for a startup loan
What is a startup loan?
These government-backed business loans are more specifically for new startups and individuals looking to grow their businesses in the UK. Successful applicants are entitled to 12 months mentoring and exclusive business offers. So if you’re starting up a business of your own and need additional government funding, this loan could be perfect for you.
The Startup Loans Programme is delivered by The Start Up Loans Company (SULCo), part of the British Business Bank. It is funded by the Department for Business, Energy and Industrial Strategy (BEIS)
How much financing can I obtain with a start up loan in the UK?
Each director can get up to £25k in loans for their new businesses when applying for a start up loan. So you can gain anywhere between £500-25,000 as a single applicant. It is also possible to go lower and obtain loans worth £10k for a new startup, and you could also go a bit higher and get a £20k loan. If you are looking to acquire a £50k business loan, you will need to apply alongside two directors. And if you want to gain a £100k business loan for your startup, it is a requirement to apply with four directors.
Are you eligible?
So are you interested? Below are the criteria for a business startup loan. You may be eligible if any of the following apply:
- You’re a current UK 🇬🇧 resident who has the right to work in the country
- Your business is based in the UK 🇬🇧 if already established
- You are unable to obtain finance from elsewhere
- You have plans to start a new business or have been trading for up to 36 months
- You are aged 18 or over 🔞
- Your business and the reasons for wanting a loan are eligible under the terms of the scheme
- You can pass our credit checks and can afford to repay the loan
Need more help?
That's what we're here for. If you need additional training and advice in your fundraising journey, contact us by clicking the button below. We'll be happy to advise and see your startup succeed.