Start-Up Loans Extended – Second Loans Available

Start Up Loans

The Start-Up Loans scheme has lent over £44m to new UK start-ups.

The scheme was extended to allow applications from anyone over 18 (it was for 18-30 year olds only) so the market has increased massively.

Add to that, the scheme is now available in Wales (yes, it was not in Wales until this month – hard to believe eh?) then you can start to see a need for subsequent funding.

If you help a volume of new businesses by providing start-up loans then you start to see a need for secondary finance.

Santander Scheme

Santander LogoSantander have launched a scheme to provide up to £25k in loan finance for businesses that were originally approved by the Start-Up Loans Scheme.

There are obvious benefits to Santander in doing this, however we shall avoid cynicism and simply support this scheme, after all it is something that is needed and we are pleased to see any support for this sector.

What You Need To Do

Since all applicants will have been through the Start-Up Loans Scheme already then they should have a business plan and financial forecasts.

Which means things are pretty straightforward, applicants will need to –

  • Have made 6 repayments to their start-up loans scheme loan
  • Not be in arrears
  • Have an updated business plan & financial forecasts (recommend you speak to you mentor for this)
  • Complete the application (download the pdf application here – Santander – Subsequent Loan Form, or see the website here)

If you are in any doubt over eligibility or suitability then give Lime Consultancy a call on 01293 541333 and we will talk you through it.

The start-up loans scheme is an opportunity for new businesses, it will not be around forever and anyone looking to start out should take advantage while the scheme is active.

If you have any comments about this post then please add them above, or contact us via the website and we will get back to you.

By Lime Consultancy

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