The government run a funded scheme whereby they provide loans to new businesses, which is ideal for anyone thinking about setting up their own business or for those who have started their business within the last 12 months.
Typically, most people borrow between £2,000-£10,000 (the maximum being £25,000).
To qualify for one of these loans, you must meet the following criteria:
- You need to be aged 30 or over
- You have not yet started trading, or have been trading for less than 12 months
- Your business is or will be based in England
- You are not, and have not been bankrupt and you do not have outstanding individual Voluntary Arrangements (VA)
- You are eligible to live and work in the UK
- You have been refused a loan from a commercial lender or a bank
- You must not have taken out a Start Up loan through any other provider
The loans are provided at very competitive fixed rate of 6.2% APR, which is ideal for anyone who is at the start of their business journey.
How can Breslins help?
We recently welcomed our latest recruit, Ian Gardner to our management team. Ian will be working closely with a delivery partner of the government Start Up Loan scheme, supporting business owners who wish to access the funding available.
Ian can also assist with developing a robust business plan to ensure that your financial forecasting is realistic, providing continued support and guidance throughout the application process. He has a proven track record in supporting people in starting successful businesses and continues to mentor business owners in Birmingham and the surrounding areas.
I am very excited to be working at Breslins, as they offer a high level of expertise combined with a unique personal touch, which is sometimes lacking in larger firms.
This initiative, which includes ongoing mentoring, enables me to help ambitious local businesses, as they seek to grow beyond the initial start up phase.
Starting and growing a business is tough but the success of small businesses is critical if the local economy is to thrive.
If you would like to learn more about how Ian can help you, please contact us.