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.
Andrea Szell, Founder of Spare Desk shares some insights on the positive impact that sharing a workspace can have on our mental health.
.png)
The lowdown on Oxford Quantum Circuits, the innovative Reading-based startup that's on a mission to make quantum computing accessible to all.
.png)
Sodexo Live! and L Marks open call for applications from innovative startups and scaleups to join their inaugural North America Innovation Lab.
.png)
Startups founded by students and recent graduates from the University of Edinburgh secure SMART:SCOTLAND grants to help support their ambitious and innovative projects.
Lydia Kothmeier, VP of Operations at Storyblok shares insights on the processes and policies that every startup should have in place in order to make remote working work.
The lowdown on HoloToyz, the Irish startup and its products for kids that can come to life through the power of augmented reality.
Inbound Investors 2022 providing NI businesses with the opportunity to pitch directly to leading UK investors over the course of one day.
Enterprise CMS Storyblok launches Storyblok V2 in a bid to further empower teams to create and scale standout audience experiences.
The lowdown on Nothing, the London-based startup that's creating innovative connected products "to make tech fun again."
The lowdown on Athos, the Spanish startup that has created a customized climbing shoe that's been made with 3D printing technology.
Published on: 8th October 2012
- Sodexo Live! And L Marks Seeking Startups and Scaleups for first ever North America Innovation Lab 5th Aug 2022 Sodexo Live! and L Marks open call for applications from innovative startups and scaleups to join their inaugural North America Innovation Lab.
- Innovative University-supported startups secure £500,000 in grant funding awards 4th Aug 2022 Startups founded by students and recent graduates from the University of Edinburgh secure SMART:SCOTLAND grants to help support their ambitious and innovative projects.
- Registrations Open for Inbound Investors 2022 2nd Aug 2022 Inbound Investors 2022 providing NI businesses with the opportunity to pitch directly to leading UK investors over the course of one day.
- Storyblok Launches New CMS Experience to Shape the Future of Digital Storytelling 1st Aug 2022 Enterprise CMS Storyblok launches Storyblok V2 in a bid to further empower teams to create and scale standout audience experiences.
