Start Up Loans is a government scheme to provide necessary funding for start up businesses in the UK. They assist people who are looking to open a businesses or have launched a new business within the past 12 months and are financially struggling. So far they have helped 25,000 businesses in the UK!
The programme was created within the Department for Business, Innovation, and Skills and was designed to support those individuals who have viable business proposals but difficulties securing the necessary finances. Along with an average loan size of about £5,268, the organisation provides entrepreneurs with free business advice and planning to help people successfully become self-employed.
The support they offer takes a variety of forms and includes assistance for preparing business plans, cash-flow forecasts, and advice for securing funding after Start Up Loans. They also provide a comprehensive Start Up Toolkit as well as free training days that cover a variety of topics from hiring new staff to marketing.
Nicole Weeks was the lucky entrepreneur to be awarded the landmark 25,000th Start Up Loan, using it to finance her dream bridal boutique. Weeks is one of many women who have secured loans through this scheme. According to the organisation, over one third of all loans are given to women. The government scheme prides itself on supporting women in business since only 17% of businesses in the UK are opened by women.
Having reached this landmark, the organisation is close to achieving its target of helping 30,000 businesses by 2015 and has lent over £120 million in doing so. If you are looking to secure funding for your new business venture, please visit the Start Up Loans website here to find out more information and learn how to apply. If you are looking for further advice on starting your new business successfully, read our blog with tips to start your new business off strong here.