Scope for Start -Up Loans stepped up
Welcome changes to the Start-Up Loans application criteria has provided new and early start businesses more time to access finance that can get them off their feet and enable them to grow. Let’s Do Business Finance, delivery partners of Start-Up Loans reflects on what these changes will mean for businesses.
Start-Up Loans, provided by the British Business Bank, have supported over 80,000 businesses with more then £600 million worth of loans, providing much needed finance to those looking to make a business dream a reality.
With a loan of up to £25,000 available, at a fixed rate, and with a repayment term of 1-5 years, a Start-Up Loan provides an ideal leg up to start or grow a small business. Alongside the loan, businesses can also benefit from 12 months of free mentoring to keep their business on track.
Starting from 10th March 2022, the criteria to apply for a Start-Up Loan is changing, meaning applicants with a new or early-stage business, trading for no more than 36 months can now apply for a start-up loan, an increase from the existing 24 months.
Existing Start-Up Loan borrowers, can also benefit from the changes, as if they borrowed less than the £25,000 limit and would like to top up their loan, they can now do so providing they have been trading for no more than 60 months, an increase from the existing 24 months.
“The expansion of eligibility criteria is great news for new and early stage businesses, especially as we all focus on getting back to a new normal. So whether they are just about to launch or need additional funds to take their business forward, post pandemic, we will be able to help even more businesses across the South East, East of England and London areas.”
Let’s Do Business Finance has a proven track record of providing excellent service to it’s clients, really going the extra mile to help new businesses to start, grow and succeed. Previous Start-Up Loan client Nomad Pizza from Whitstable said:
“We would not have been able to start our business without a Start Up Loan - that injection of funds was vital. Our business is now thriving - despite opening in the middle of a pandemic! Business Manager at Let’s Do Business Group, Lisa Young was very patient and thorough, examining our plan and financial projections - but what made it easier was that she met us several times personally over a coffee so we could discuss our vision and scrutinise the figures together. We greatly appreciate the faith that Lisa had in the viability of our business during turbulent economic times and it’s now paying dividends.”