Startup Loans
by Startacus Admin
The recently launched Startup Loans initiative has been getting plenty of press, (both good and bad) on whether or not it really is a good option for a young person with an idea for a business to pursue. However, rather than getting our 
political hats on and giving our own tuppence worth, we thought we’d let you make your own mind up on whether or not it’s for you.
Startup Loans - the basics you need to know:
Who can Apply?
Currently the loans are open to anyone aged between 18-24 who is living in England and has a great idea for a business.
How to Apply?
The application process is currently very straightforward. There is a basic online form to complete. Once this is done, a Regional Delivery Partner will then contact an applicant to review their application, and assess how best to present the business idea or proposal to ensure the loan is awarded. That Delivery Partner will in turn be responsible for administering any loans to successful applicants.
What’s on offer?
The loan itself is a personal loan and it is expected that the average loan will be for circa £2500. All loans must be paid back within 3-5 years at a fixed APR of 6%. All interest is calculated on a monthly basis. Business support in the form of mentorship is also part of the package as is 6 months’ access to Regus Virtual Office package and business lounges globally.
When to Apply?
Applications are open now and the government has pledged that £10 million is available for the scheme. If it proves to be successful ( i.e. if applicants start paying back their loans and prove to have viable businesses), there are plans to increase the monies available by £32.5 million in 2013/2014 and by £40 million in 2014/2015.
Only time will tell how successful this scheme will be and if it really will have a positive impact on helping more startup businesses get off the ground. We say, watch this space...
Join the Self Start society! If you like what you see here on Startacus and want to get involved yourself, why not become a member of our growing community by joining for free here!
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Stashbee, the online sharing-economy platform for storage space, has announced a £1.6m funding round on leading European investment platform Seedrs.
The lowdown on Talentful, the startup that's using your cultural fit and personality to match you to a job and employer...
Hot flushes affect around 1.5 million women in the UK alone. Step forward Grace, the world's first automated tracking and cooling bracelet that counters menopausal hot flushes
The innovative startup that empowers restaurant managers and owners to measure and improve their customer experience.
upSTART, the startup pitch competition at Digital DNA 2019 will see over 20 disruptive NI-based startups pitch to determine who will win an all-expenses paid trip to explore the New York tech scene.
If you've not quite scraped the pounds together to get your 1st startup idea off the ground yet, don't fret! Here's a few top funding tips to consider.
If you are running a business, it’s important for you to understand financial matters, too, Here's some handy accounting reminders!
Holland-based startup Active Cues has created a simple product to engage children and adults with cognitive challenges...
The startup that's empowering people to participate in their health and wellbeing decisions with easy-to-understand health insights.
The startup that's aiming to reduce loneliness and social isolation through warm technology...
Published on: 8th October 2012
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Stashbee announces £1.6m funding round on Seedrs 17th Jun 2019 Stashbee, the online sharing-economy platform for storage space, has announced a £1.6m funding round on leading European investment platform Seedrs.
- The upSTART finalists at Digital DNA 2019 13th Jun 2019 upSTART, the startup pitch competition at Digital DNA 2019 will see over 20 disruptive NI-based startups pitch to determine who will win an all-expenses paid trip to explore the New York tech scene.
- Lloyd's Lab announces third round of applications 3rd Jun 2019 From data sharing to next generation claims, insurance industry focused tech startups are currently being sought after to join Lloyd's Lab cohort 3.
- Startup Exhibitor package at Digital DNA 2019 28th May 2019 New startup exhibitor package at Digital DNA 2019 gives startups access to 150 Speakers, an estimated 3,000 attendees, 121 investor meetings, a startup pod to exhibit and 4 x 1 full-access exhibition tickets!
