You are required to pay back the loan within 1-5 years. The exact term will be agreed as part of your application process but individuals can receive up to £10k and groups up to £25k. Capital repayment holidays are available, but interest must be covered monthly throughout the loan term
Anybody living in England or Northern Ireland, at least 18 years of age. You may have already started your business, but you must not have been trading for longer than a period of 12 months. You must have the legal right to remain in England or Northern Ireland for the duration of your loan term and the right to be self-employed.
What You Need To Fill Out
1. Business Plan
You need a simple but well research business plan describing what your business does, what your plans are and how you will executive your plan.
2. Cash Flow Statement
You need to detail all of your expected costs and revenue for the next 12 months if you receive the loan. It is crucial your cash flow correlates with what you have discussed in your business plan.
3. Personal Survival Budget
You need to explain what you need as an individual to survive financially while you are setting up the business. All of your bills and personal expenditure should be listed as part of your budget.
4. Self Declaration Form
As with most loans you will be credit checked, therefore you will need to state any previous debts that you have had in the past. A poor credit history will not prevent you from getting a loan, dishonesty regarding your previous credit history may.
The ProcessOnce you submit all of the information to your chosen delivery partner you will meet with a business advisor to go through your business plan and cash flow. When they are satisfied your business is viable you will undergo a credit check. If you are successful in your loan application you will receive the money and be matched with a mentor who will help you manage your business over the first year.
Summary1. Submit Information
2. Business review with an advisor
3. Initial decision by delivery partner
4. Credit Check
5. Final Decision
6. Receive Money
7. Matched with a Mentor
If all of the documentation is filled out and done correctly you should received the loan money in 2-3 weeks.
Our preferred Delivery Partner for Startup Loans is Bigga Business. To find out more or to apply for a Startup Loan click here.