plans to life
Could a start up loan help your new business?
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With a fixed interest rate of just 6% per annum and the ability to borrow between £500 and £25,000, Start Up Loans offer an affordable source of finance to help new and early stage business owners bring their plans to life. In addition to finance, all Start Up Loan recipients are offered up to 12 months of mentoring support and access to a range of special business offers.
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SWIG Finance is part of a network of official Start Up Loans delivery partners across the UK who administer the scheme. We are here to guide you through the application process, including advice on creating a business plan and cashflow forecast. If you receive a loan we will then support you through your journey, providing you with a business mentor.
You must have the legal right to remain in England for the duration of your loan term and the right to be self-employed. Every loan application is considered according to the needs of the business, with an average loan size of around £6,000 however the loan amount will be determined by the business case. The applicant’s creditworthiness and affordability will also be factors in the decision to lend. Start Up loans are available to businesses yet to launch or those that have been trading for up to 24 months.
Only one Start Up Loan can be granted per person, however more than one person in a company can be eligible for a loan. Remember, there are risks to entering any credit/loan agreement.