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How The UK Government Could Help You Source The Cash Injection Your Business Needs

The Government also provides some businesses with 12 months of free support and mentoring.  

 

Last updated 18/04/2024

Does the UK Government Offer Business Loans?

There are several UK government loans available for business in the UK. At the time of writing this, there are 29 business loan schemes currently on the Government's website aimed at easing access to trustworthy sources of business loans. 

Some of them are catered to specific business sectors and industries, while others are catered to specific regions and locations. The Government's list may be a good place to start if you or your business is looking for a reliable place to secure a loan. 

The Government Start-Up Loan

As well as having schemes in place to help businesses find a loan, the UK Government also provides loans to businesses themselves. The Start-Up loan scheme is popular amongst small businesses in the UK. 

Unlike a traditional business loan, the Start Up loan is a personal loan to be used for business needs, ranging from £500 to £25,000. 

They come with a fixed annual interest rate of 6%. Additionally, these loans are unsecured, meaning you don't have to risk any of your assets, and there's no need to find a guarantor to back your application.

How Much Money Can You Borrow With a Start-Up Loan?

Each owner or partner within a business is eligible to apply for up to £25,000 individually, with the total amount available for a single business being capped at £100,000.

Those who are approved for the Start Up Loans program will receive 12 months of complimentary mentoring, which provides valuable guidance and access to exclusive business offers. These added benefits are aimed at increasing the chances of your business succeeding.

Before You Apply

As you can probably guess, there are a few requirements you and your business need to meet to apply for the scheme. 

To apply for the loan you need to live in the UK and be 18 or older. You also need to have started (or have plans to start) a business in the UK that has been trading for less than three years (36 months). 

Additionally, applicants will undergo a credit check as part of the application procedure.

How to Apply

The Government understands that you may not have a lot of spare cash laying around as you work to get your business up and running, that's why the application process doesn't require any fees.

There's also a choice to repay the loan anytime over a period of five years, and there are no penalties or fees for early repayment.  

FAQs: Your Questions Answered

At the time of writing, the start-up loan comes with an interest rate fixed at 6%. 

Additionally, these loans are unsecured, meaning you don't have to risk any of your assets, and there's no need to find a guarantor to back your application.

Each owner or partner within a business is eligible to apply for up to £25,000 individually, with the total amount available for a single business being capped at £100,000.

Yes, you can have a maximum outstanding balance of £25,000; If you initially borrowed £20,000 for your first loan and then paid £10,000 back, you could qualify for another loan of up to £15,000.