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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?
Step 1: Check eligibility & register
Step 2: Complete an application form
Stage 1: Provide information about your situation.
Stage 2: A personal credit check.
Stage 3: Upon passing the credit check, you are required to submit:
  • Business Plan
  • Cash Flow Forecast
  • Personal Survival Budget

Upon passing the credit check there is a 90-day window to complete your assessment.

Step 3: Finalize business documents review
How are Loan Repayment Calculated?

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).

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