Start Up Loans

Start Up Loans is a government-backed personal loan and mentoring programme delivered by the Start Up Loans Company, a subsidiary of the British Business Bank, aimed at people starting or growing their own business. It provides unsecured personal loans of up to £25,000 (average loan amount around £10,264) at a fixed interest rate of 7.5% per year, repayable over a term of one to five years, with no fees for arranging or early repayment. Recipients of their first Start Up Loan receive 12 months of free business mentoring, along with support writing business plans and cash flow forecasts and access to templates and guides. The scheme has supported more than 100,000 business ideas with over £1 billion in loans to date. Applicants can use a loan repayment calculator to estimate repayments, and the programme also offers free courses in partnership with The Open University covering topics such as entrepreneurship, finance and sustainability, plus an Ambassador programme featuring past recipients.

Available to individuals starting a new business or who have been trading for less than 60 months; applicants must be 18 or over, and the loan is a personal loan for business use, subject to status and further eligibility criteria referenced on the provider's site.