5. Applying for a Start Up Loan: What to expect
Looking to raise finance for your new business? Join the 30,000 plus Start Up Loan recipients today…
The government-backed Start Up Loans Company provides funding and free mentoring support to help start or grow your business.
In a previous guide the Start Up Loans team outlined 10 essential questions you need to ask yourself before applying for funding. Now you’ve answered these, what’s next?
Action point: Could a loan help you to start a business? See how we may be able to help here and here
Check your eligibility!
The first step in your Start Up Loans journey is checking to see if you are eligible for funding. To do this, complete the simple eligibility checker here.
If you are eligible for a loan, the next step is completing an expression of interest form by clicking the ‘Get started button’. This is a simple form which requires you to provide Start Up Loans with some basic information, such as your contact details. These will then be sent to the most appropriate Delivery Partner, who will contact you within three working days to get the process started.
What is a Delivery Partner?
The Start Up Loans Company works with a network of Delivery Partner organisations who support Start Up Loans applicants in all regions and industries throughout the UK.
They will be responsible for providing pre-loan support, making the loan decision and providing ongoing support and mentoring. All Delivery Partners offer the same loan terms; however the method of pre- and post-loan support varies between partners. The Start Up Loans Company closely monitor all Delivery Partners to ensure consistent quality of delivery.
So you’ve filled out an expression of interest form and you’ve been contacted by your Delivery Partner. Next, you should expect to discuss your business idea with your Delivery Partner. They will then work with you to submit the following documents:
- Business plan
- Cashflow statement
- Personal survival budget
- Photo ID
- Proof of address
- Copy of the last consecutive three months of current account personal bank statements, so we can assess your affordability in line with our responsibilities as a lender
As an early-stage entrepreneur, it’s understandable that you may need support with your business plan, cashflow and personal survival budget. Templates are available from Start Up Loans and Delivery Partners will offer support and guidance throughout your loan application. You can also find plenty of advice in Startups’ business plan, raising finance and bookkeeping & cashflow sections.
How long does the process take?
Once you have submitted your loan application a decision will usually be made within six weeks.
If you have any further questions, please visit the FAQs on the Start Up Loans website.