We are working with Transmit Startups, the largest national delivery partner of the Start Up Loans scheme, a Government initiative set up in 2012.
Start Up Loans, of up to £25,000 per founder, are designed to help you get your business up and running. Transmit Startups approves hundreds of loans, for entrepreneurs like you, every year – from hairdressers and plumbers to app developers and film makers. Loans can be given to sole traders, partnerships, limited companies and franchisees.
Each founder can borrow up to £25,000, with a limit of £100,000 into any one business. The loans are charged at a fixed interest rate of 6% per annum and loans can be repaid between one and five years. You can sometimes take an interest-only period, of up to 12 months, at the beginning of the loan term.
Transmit will guide you through the application process, including advice on creating a business plan and cash flow forecast, and also provide free mentoring after receiving your loan. There are no fees charged for obtaining a Start Up Loan or any of the services associated with it. You can repay the full balance at any point, without penalty.
A Start Up Loan is an unsecured personal loan for business purposes. Individuals can receive one loan, however more than one partner in a business can apply for a loan.
To be eligible you must:
- Be aged 18 or over
- Be living in the UK and base your business in the UK
- Have an idea for a new business or a business that has been trading for less than 2 years
Most types of businesses will be considered. We will conduct a credit check, however lending is not necessarily solely based on the credit report.