Start-Up Loans Scheme Expanded

Start-Up Loans Scheme

Start-Up Loans Scheme now open to anyone over 18, the 30 age limit has been removed

The Start-Up Loans Scheme has been running since 2012 with the profile of the scheme boosted since James Caan’s involvement.

The Start-Up Loans Scheme was aimed at helping 18-30 year olds start their own enterprise. The scheme had the aim of encouraging enterprise and allowing more young people to start their own businesses.

With credit being tight and a reluctance among banks to lend to start-up businesses then the Start-Up Loans Scheme was ideally timed and structured to meet a genuine gap and demand.

To date a total of over 8,700 new businesses have been funded to the tune of over £44m, so the success of the Start-Up Loans Scheme is pretty undoubted.

The big issue was always that it wasn’t just 18-30 year olds that needed the assistance.

Expansion of The Scheme

A while ago the government announced extending the scheme to all over 18’s with no upper age limit.

The implementation of this has been delayed, but FINALLY applications are being accepted with no upper age limit.

The Key Features

For anybody looking to start a business then the Start-Up Loans Scheme offers –

  • Chance to submit your business plan and proposal to the local Start-Up Loans Scheme provider without this being a final decision
  • Meet your business mentor who will work with you free. Discuss your plan and take on board the feedback before submitting for final approval
  • See the loan drawn on receipt of signed forms, no hanging around
  • Receive ongoing mentoring support as you start your business

Applying To Start-Up Loans Scheme

The application process is simple, just register your interest in the scheme here. After that you will need to get your business plan in good shape.

You can use our template here, or another good resource can be found via Lets Do Business Group here.

If you want to know more about the scheme then you can watch the video below, it gives a good outline.

Start-Up Loans Scheme

Video from Start-Up Loans Company. Background to the start-up loans scheme

For any queries then please contact us direct here, or add your comments above and we will get right back to you.

By Lime Consultancy

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