Start Up Loan is an exceptional opportunity for new and growing businesses in the UK seeking capital to start or expand their operations. To make the most of this chance, it is crucial to understand the key aspects of this financing, the eligibility criteria, and the benefits of obtaining such support. Here’s what you need to know:
Who Can Apply?
- Age: 18 years and older.
- Status: Settled or pre-settled status in the UK.
- Business Stage: Available for newly established businesses and those operating for no longer than 36 months.
- Eligibility: Must have the right to work in the UK and a business model that aligns with the bank’s criteria.
What Are the Eligibility Criteria?
- Credit Check: A positive credit check result.
- Solvency: Demonstrated through three months of bank statements showing both expenses and income.
Maximum Loan Amounts
- Individual Funding: Up to £25,000 per person.
- Business Funding: A maximum limit of up to £100,000 per business if more than one person applies.
Benefits of Obtaining a Start Up Loan
- Low-Interest Rates: Access to capital at a low interest rate of 6%, which is particularly attractive compared to other available financing options.
- Flexible Repayment Period: A maximum repayment period of 5 years, offering flexibility in managing business finances.
Why Apply for a Start Up Loan?
A Start Up Loan not only enables the financing of initial costs associated with running a business but also provides support that can be crucial in the first years of operation. Obtaining such a loan can lay the foundation for long-term growth and financial stability of the business.
Interested?
At Business Concierge Mrukwa Ltd, we assist entrepreneurs in preparing applications, ensuring that all required documents are thoroughly understood and professionally developed. Contact us to learn more about how we can support your business success!
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