There are some universally accepted truths when it comes to what’s needed when you’re starting – or maintaining – a business. A good idea or product, drive, determination and importantly, accessing finance.
For many entrepreneurs, getting the funding they need to help them get their business off the ground can be a challenge in itself, especially if they are young or don’t have any real experience in running a business. This certainly may be the case for many of our clients at Tree Shepherd and this has been a real issue for us. We can see individuals who have all the makings of a successful business owner but for reasons beyond their control, they just can’t get that final piece of the puzzle.
That’s why we are so pleased to be able to announce a partnership with the British Business Bank as they launch their brand new Start-Up Loans Programme.
In a time where the cost of living is rocketing and access to funding and affordable loans is becoming more scarce by the minute, the programme aims to encourage entrepreneurship in the UK, increase the rate of business creation and improve survival prospects.
More specifically, the programme offers loans (from £500 to £25,000, at 6% interest) alongside free mentoring and support to individuals who are starting a new business or who have been trading for less than three years. Plus, the loan is unsecured, so there’s no need to put forward any assets or guarantors to support an application.
So, what exactly is a start-up loan and who is eligible?
A start-up loan is a government-backed personal loan available to individuals looking to start or grow a business in the UK. You must also fit a certain criteria to be able to receive a loan. Some of the criteria includes, but is not limited to:
– Being eighteen years of age or older
– You must be starting a new business or have been trading for less than 36 months
– You are unable to secure finance from other sources
– You are a current resident of the UK with full rights to work
– Your business must be based within the UK
To make things as uncomplicated as possible, the application for the loan is divided into three easy steps. First, check eligibility and register. Next, complete the application form, and lastly, finalise your business documents for inspection.
With already tens of thousands of individuals helped to get their businesses up and running from beauty salons to boutiques, food trucks to mobile phone repair companies, whatever your business idea is, there are multitudes of inspirational stories of entrepreneurs who built something great with the help of a start-up loan from the British Business Bank. And, who knows? Maybe you’ll be next.
For more information and details about the British Business Bank and their Start-Up Loans Programme, reach out to us alternatively, if you are ready to move forward, use this link to get the ball rolling. Their website provides a wealth of information as well as the success stories, challenges, trials and tribulations of previous loan-holders as they grew their enterprises.