Start Up Loans, which is part of the British Business Bank, has set out its commitment to unlocking the talent of aspiring Entrepreneurs in the UK, offering a financial facility that is designed to help applicants to start their own business ventures.
The bank, which is a state-owned economic development bank, is currently offering up to £25,000 to applicants eager to get their startup off the ground. With a fixed interest rate of 6% per annum (per year), this is a competitive seed funding option that we at Lime Advisory are excited to be supporting applicants with.
What’s more, the loan can be repaid over a term of 1–5 years, making it a flexible startup loan option.
Startup loan criteria
To apply for the business loan, the below criteria will need to be met.
- You must be 18 years of age or older
- You must be a current UK resident and have the right to work in the UK
- Your startup business is or will be based in the UK
- You are either starting your own business or have been trading for 24 months
- Your business model and type of business is covered under the loan's terms
Please note that you will need to pass the credit checks set out by Start Up Loans and illustrate that you can afford to repay the loan.
Richard Bearman, Managing Director, Start Up Loans said:
“It is paramount that we do everything to empower the next generation of young working talent, who have an important part to play in unlocking the UK’s economic recovery, by giving them every chance to succeed, whatever their circumstances. Unemployment can have a catastrophic impact on an individual’s financial security, self-confidence and ability to apply for finance from lenders, and the support provided by Start Up Loans can be of particular use to younger, less experienced business owners.”
Tom O’Brien, Founder of Lime Advisory, comments:
“This is a superb loan option for entrepreneurs looking to set out on their own and turn their business ideas into a reality. While we help partner aspiring entrepreneurs with many financial products, there are few as beneficial as this loan option from the British Business Bank. As well as being an unsecured loan with a low interest rate, borrowers can also take advantages of the flexible payments terms.”
Here at Lime Advisory, we are supporting entrepreneurs in accessing startup money via this avenue. To discuss applying for this or any other business loan, contact us today!
