Start Up Loans

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Start Up Loans

WHAT IS A START UP LOAN?

Start Up Loans are a Government-backed scheme, helping more people to start businesses. It's a low-interest loan, a great alternative to a traditional bank loan if you’re looking to fund a business idea. Customise your loan to borrow the exact amount you need, when you need it.

Transmit Startups is a national delivery partner for the government's Start Up Loans scheme.

Let's get to work! We're here to guide you through the application, making it as quick and easy as possible so the money is in your bank account when you need it. We’ll check that you're eligible and provide advice on creating a business plan and realistic cashflow forecast. We'll match you with a business adviser, and help you to use the templates we've designed to make this process easy.

  • Borrow £500 - £25,000, customised to your needs
  • ...and take a second loan, if your business needs it
  • Funding specifically available for businesses that are not trading, or those that have been trading for less than two years
  • Applications open to all those age 18+ based in the UK - whether you are working full-time, part-time or are currently unemployed
  • Professional advice and mentoring given free of charge.

There are no fees charged for obtaining a Start Up Loan or any of the services associated with it. All of our advice, professional mentoring and templates will be free for you to use.

Register for a start up loan

Start Up Loans FAQs

When are Start Up Loans paid?

Once your Start Up Loan application is approved, you’ll be sent some paperwork that you have to complete correctly and return to the finance provider, who will then process your payment. Payment times vary, but on average we find people have their loans paid within two weeks of approval.

How do Start Up business Loans work?

The process of getting a government-backed Start Up Loan is pretty straightforward. First, you make an application, telling us about your business idea, how much money you want to borrow and what you will be spending it on. Then you’ll go through a credit check, and if successful one of our advisers will work with you on your business plan and financial forecasts, to make sure we can offer you support and lend responsibly. Once your loan is approved, you’ll be sent paperwork to sign and return to our finance provider, who will then pay the funds into your personal bank account.

What can Start Up Loans be used for?

Start Up Loans can be used to pay for most of the costs associated with starting a business and the early stages of trading, as long as it’s part of your business plan. They can pay for people’s time to do things for you, and for many of the physical things you need to run your business. For specific questions, please get in touch and one of the team will help you.

What are Government Start Up Loans?

Start Up Loans are personal loans used for business purposes of £500-£25,000, funded by the UK Government, to help people to start their business and through the first two years of trading. The Government funds these loans because often, start up businesses are considered quite risky and so traditional lenders were often not able to help. Transmit Startups is the leading delivery partner for these loans, working across the UK to provide access to finance alongside support and mentoring to help people make their business dreams a reality.

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Application Criteria

Who Can Apply For A Start Up Loan?

A Start Up Loan is a personal loan for business purposes.

We lend to applicants who are 18 years or older at the time of application. Individuals can receive one loan, however more than one partner in a business can apply for a Start Up Loan.

Please note that you will be credit checked as part of your application.

  • You must be aged 18 or over

  • You must be based in the UK

  • The loans are unsecured personal loans

  • The loans can only be used for business purposes

  • We can provide loans of up to £25,000 per person

  • Each business founder (partner, director or shareholder) can apply for a separate loan
  • Repayments are made over a period of 1 to 5 years and have a 6% p.a. fixed interest rate

Register for a start up loan

Repayment Example

The monthly repayments for a £5000 loan would be approximately:

Loan Period Monthly Payment
12 months £430
24 months £222
36 months £152
48 months £117
60 months £97

For other loan amounts and repayment periods, use our Loan Calculator.

The Programme’s Aims

The Start Up Loans programme aims to provide mentoring and financial support to entrepreneurs that would not normally be available via traditional banking relationships.

  • Foster a culture of entrepreneurship
  • Support applicants to create and develop their business
  • Boost to UK economic growth through supporting new businesses
  • Build success for new ventures through expert advice and support

To do this we offer pre-application support to entrepreneurs, affordable loans on clear terms, ongoing support and access to useful product and service offers that would not normally be available to new businesses.