FREQUENTLY ASKED QUESTIONS
No doubt you have lots of questions and we have tried to answer most of the commonly asked ones here. If you have any others, please get in touch.
Outset Finance is part of a network of official Start Up Loans delivery partners across the UK that administers the scheme. We are here to guide you through the application process, including advice on creating a business plan and cash flow forecast. If you receive a loan we will then support you through your journey, providing you with your business mentor.
Is this a grant? No. A grant is a non-repayable fund provided by an individual or an organisation for a particular purpose. The difference between a grant and a Start Up Loan is a Start Up Loan must be repaid.
Additionally, you must not have been, or currently be, declared bankrupt and/or have any outstanding IVAs.
Please also note that if you have already submitted an application and been declined by another delivery partner, you will need to consult with them directly in order to reapply.
Check out our full eligibility criteria now.
Pyramid schemes are ineligible to apply for the loan. An example of this activity would be if you are only earning a small commission on sales or acting as an agent for a corporate client.
a) Pornography or other ventures of an overt sexual nature that require a licence to operate
b) Onward credit, investment or lending
c) Money transfer services
d) Certain private investigation/detective activities
e) A business whose primary purpose is engaged in gambling
f) Working as an agent for a third party (franchises can be acceptable, please refer to the previous question for more information)
g) Repaying any existing personal debt, business loans of a company owned in whole or in part by the applicant or to service the loans of any other business
h) Funding training, qualifications or education programmes that are needed before the business can be started or that are not core to the success of the business
i) Funding investment opportunities that does not form part of an on-going sustainable business. For example, providing the deposit for a buy to let property
j) Buying part-equity in a business that has been trading for more than 24 months
k) Funding a hobby without transforming into an on-going, sustainable business
l) A business that is involved with e-cigarettes in any way
If you think your business might fall within one of these categories, please contact us before submitting your application.
Email: email@example.com Phone 0800 3898 188 Online: send us a message via our contact us page.
If you already have a business plan and a ready to apply, then you can gather the rest of your supporting documentation and submit your application online.
If you aren’t quite ready to apply yet, or don’t currently have a business plan in place, we can support by giving you access to our interactive start-up support tool, Outset Online. This offers a stack of useful information for starting a business, including video tutorials, online calculators and other downloadable resources, and you can build-a-business-plan as you go. Then, when you’re ready, we can walk you through the application process.
Once you have submitted your application, you may be contacted for more details or with questions regarding your paperwork. Please take care to upload all necessary supporting documents with your application, as incomplete applications cannot be considered.
Please note, you do not have to draw down your loan immediately, you have three months from the date of your loan being approved.
You can have your original documents verified by using the Post Office’s Identity Document Certification Service. This service costs approximately £7.15 (please note that this fee is non-refundable no matter what the outcome is on your application). To find out more about this service and to find the nearest branch to you, please click here.
IMPORTANT NOTE: Your credit report will include details of all current accounts, credit cards, overdrafts, CCJs (County Court Judgements), IVAs (Individual Voluntary Arrangements), as well as some monthly household and personal bills. Please include all outstanding balances on accounts and regular payments in the Self-Declaration form, no matter whether they are in credit or default. If there are any discrepancies between the information you provide on the Self-Declaration Form and the credit check this will delay your loan application being processed until the discrepancy is resolved in a satisfactory manner.
1. Via our online complaint form.
2. By email to firstname.lastname@example.org
3. By post to: Outset Finance, Unit C, Brookmount Court, Kirkwood Road, Cambridge CB4 2QH
You can find a full copy of our complaints policy here, which outlines the process we follow for responding to all complaints and provides a range of additional information.