If you’re considering self-employment or starting a business the likelihood is that you will need funding at some point. As long as your business has yet to start, or you’ve been trading for less than three years, then we may be able to provide support via the British Business Bank Start Up Loans scheme.
Start Up Loans Business Support Partner
A Start Up Loan is a personal loan for business purposes for a term of 1 to 5 years at a fixed rate of 6% per annum. Applications must be aged 18 or over at the time of the application. A credit check will be completed.
X-Forces Enterprise worked with Government to change policy to make this fund accessible to the Armed Forces community who were unable to get traditional or unsecured finance. Since 2013, we are the appointed Armed Forces Community Business Support Partner for the Start Up Loans scheme, administered by the British Business Bank, offering an unsecured personal loan at fixed interest, together with free mentoring and support to get your business idea off the ground.
What are the benefits of a Start Up Loan?
- Borrow from £500-£25000 (average loan amount of £11,000)
- Fixed interest rate of 6% per annum
- Repay the loan over a term of 1 – 5 years
- 12 months’ free mentoring once you receive a loan
- No fees for arranging the loan or repaying it back early
- Access to free events and workshops
- Dedicated Business Advisor
Start Up Loans is a Government-funded scheme which provides fixed-interest loans and mentoring support to aspiring business owners from across the UK who might be struggling to access other forms of finance. A subsidiary of the British Business Bank, the scheme supports employment, enables economic growth, and has a transformational impact on the lives of thousands of people.
Start Up Loans are unsecured personal loans for business purposes and therefore you don’t need a trading history. However, because we are a responsible lender we will need to conduct a credit check in order to process your application. You will also need to confirm that you are eligible, based on the following criteria:
- You’re 18 years of age or older
- You’re a current UK resident
- You’re starting a new business or have been trading for up to 36 months
- You’re unable to secure finance from other sources (self-declaration is ok)
- Your business is based in the UK
- You have the right to work in the UK
- Your type of business and reason for wanting the loan is eligible under the terms of the scheme
- You pass the credit checks and you can afford to repay the loan
- If you are applying for a Second Loan then your business has to have been trading for less than five years
How to get started
To find out more about how X-Forces Enterprise can support you, or to begin the application process, please complete the form below.
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