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Start up loans
What is a start up loan?
A Start Up Loan is a government-backed personal loan available to individuals looking to start or grow a business in the UK. In addition to finance, successful applicants receive exclusive business offers to help them succeed. The loan is unsecured, so there’s no need to put forward any assets or guarantors to support an application.
Benefits
- Borrow £500 – £25,000 (individually) and maximum up to £100,000 per business
- Fixed interest rate of 6% p.a.
- 1 - 5 year loan repayment term
- Free 12-month mentoring
- Post-loan support
- No application or set-up fees
- No early repayment fee
Eligibility criteria
To be eligible to apply for a Start Up Loan, you must fit the following criteria:
- 18 years of age or older
- A current UK resident
- Starting a new business or have been trading for up to 24 months
- Unable to secure finance from other sources (self-declaration is ok)
- Business is based in the UK
- Have the right to work in the UK
- Business type and loan purpose is eligible under terms of the scheme
- Pass the credit checks and loan affordability test
Process for applying for start up loan?
- Business Plan
- Cash Flow Forecast
- Personal Survival Budget
Upon passing the credit check there is a90-day window to complete your assessment.
You just need the details of how much you want to borrow and for how long you want to borrow it. Click here to calculate loan repayment.
Can i get second loan?
If you've already secured a Start Up Loan for your business and have been trading for no more than two years, you may be eligible to apply for a Second Loan for that same business. The application process considers:
- Your personal circumstances
- Your repayment history for your first loan
- Your business’ trading history
- Your future business plans.
Eligibility Criteria for Second Loans
- You must have made at least three full repayments on your first Start Up Loan.
- The repayments on your first Start Up Loan must be fully up to date at the time of applying.
- In the last six months, you must not have had any late or missed repayments on the loan.
- You cannot have been on a reduced payment plan or Interest Only period (capital repayment holiday) within the last six months.
- All applications are subject to credit check and business assessment.
How dns can help?
DNS will be able to help you in the application process by providing all the relevant information about the rules and guidelines. Our expert will closely work with you to prepare effective Business plan, Cash flow forecast and Personal Survival Budge. Our team will also be able to help you with key supporting documents and will work with you to get them ready for assessment.
Click here to read the Frequently Asked Question (FAQs).
Book a Free Consultation
Get in Touch
Get the best advice on tax savings, accounting services, payroll, self assessment, VAT and more, whether you want to call us directly, request a call back or chat online with our experts, rest assured that we will always give you the best advice.If you have any questions, or would like to speak to us in person, please do get in touch. We're here to help.
Head Office:
DNS Accountants
DNS House, 382 Kenton Road,
Harrow, Middlesex, HA3 8DP
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- Barking Accountants
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- Nottingham Accountants
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We're proud of our clients and their success. Find out more about them and
the help and support we provide.
Here’s what our clients say
“I recently starteed my own company and in need of a good accountant. With my friends reference, I started DNS accountancy services and I am a quite satisfied with their service. My account manager Sneha Gurudutta was always responsive and guided me a lot especially during my company early days. Keep u the good work.”
Here’s what our clients say
“I have been DNS for the last 3 months and I am very happy with the service. My account manager Sneha Gurudutta guided me and helped me with all the major/minor steps with the account setup. The weekend support they provide is really helpful. I would definitely recommend DNS to all my friends.”
Here’s what our clients say
“Unfortunately my son passed away without leaving any contact name of his accountant. I was able to make contact with the firm through HMRC. The staff were very prompt, caring and supportive in settling his income tax account. I was extremely impressed with the efficient caring and supportive service received from all of DNS staff.”
Here’s what our clients say
“Been with DNS Accountants for more than a year I would highly recommened their services. My account manager Sneha has been very helpful and helped with accounts and queries swiftly always! Having a good accountant means you can fully focus on your business, not worry about accounts and tax matters. Thank you DNS :-)”
Here’s what our clients say
“I have been extremely satisfied with the service I have been receiving close to past 1 year. Very professional, transparent and helpful. Special mention of my Account Manager Minakshi Arora who made my transition very smooth and always ready to go that extra mile to support and make customer happy. Definitely recommended.”
Here’s what our clients say
“I've recently set up a Ltd. Company and signed up with DNS for my accounting services. I've found it very good value for money and hugely helpful in terms of advice and guidance. I have a named Account Manager, Sneha Gurudutta, who keeps in contact with me and offers advice on line and on the phone... I'm really pleased with the service.”
Free Business Software!
Limited time only!
Free Business Software
Manage your business remotely with our free cloud-based accounting software. Designed for UK-based business owners.
- Built in payment solutions.
- Track profitability, debtors and creditors
- Snap pics of receipts with the mobile app
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