WHAT ARE START UP LOANS?

British Business Bank

Start Up Loans, administered by the British Business Bank, is a government backed scheme, providing low-interest repayable loans and free business support.

Outset Finance is a national delivery partner for the Start Up Loans scheme.

A Start Up Loan is a personal loan for customers looking to start or scale their business. To apply, click the Register Now button below to be directed to the Start Up Loans website. There are no fees for applying for a Start Up Loan or any of the associated support.

Once you’ve submitted your application a member of the team will be in touch to take you through the next steps.

The Start Up Loans programme aims to provide customers with mentoring and financial support that would not normally be available via traditional banking relationships. There are no fees charged for obtaining a Start Up Loan or any of the services associated with it.

Before applying, please ensure that you review our full eligibility criteria before applying. A credit check will be carried out as part of your application.

Start Up Loans infographic

PAYMENT TERMS AND LOAN AMOUNTS

Start Up Loans come at a competitive, fixed rate of interest at 6% p.a. (or 6.2% APR), and must be repaid via monthly instalments within five years. For the very strongest applications, we can consider a request for a £25,000 loan, however you can borrow as little as £500. On average our clients borrow between £5,500 and £10,000. If there are several partners in your business then each person is eligible to apply for an individual loan to put towards the business, however this must be reflected in the cash flow forecast you submit with your Start Up Loans application.

Please note, the Start Up Loans scheme does not offer grant based funding. It offers finance in the form of loans only, with monthly loan repayments forming a primary condition of the loan agreement you accept and sign if your application is successful. Additionally, like other credit commitments, failed Start Up Loan repayments may affect your credit score and formal action may commence if you miss your loan repayments.

A Start Up Loan is an unsecured personal loan for business purposes issued to an individual applicant. The applicant remains solely responsible for the repayment of the loan, even if their business fails.

If you fail to make a payment, Start Up Loans’ finance partner will contact you to determine why you missed the payment and work with you to come to a reasonable and fair agreement about how you’ll address it.

The Finance Partner will also report this to credit reference agencies, which may affect your credit rating.