If you’re a new Business Start Up and need to sort some business finance out. Then you may wish to consider looking for a Startup Loan.
Typically there are many and varied businesses who will need to sort out a Startup Loan in order to get things moving.
Although originally an initiative set up by the government to help younger person’s, such as graduates. The Start-Up Loans Company has, however, over the year’s raised its applicant’s age limits, a number of times. So as to encourage a wider range of people to start up their own businesses.
Why Startup Loan?
It was realised that access to business finance was a stumbling block for a high number of businesses, either due to having a poor credit history which meant that they’d be unsuccessful in obtaining a business loan via the High Street Banks. Or the fact they were a new business with no or limited trading history, again causing problems when wishing to access finance via the High Street Banks.
Also over the years, as we all know there have been substantial cutbacks and changes in relation to Business Grants. Which were once provided by the like of Business Link and the Local Authorities. Ultimately this means that Business Grants are not really as easily available or accessible as they were once deemed to be – Especially for New Start-Up Businesses
Ultimately this means that Business Grants are not as easily available or accessible as they were once deemed to be – Especially for New Start-Up Businesses.
Startup Loan applications are made by individuals and not businesses. So this means if successful the loan is provided to the individual and not the business. Currently, a loan value of up to £25,000 over a five-year period can be applied for at a low APR rate of 6%.