Launching your business with a Start up loan

As predicted in our earlier blog from back in June, there has been an explosion of new businesses starting up in Bristol and around the UK, pointing to a long-known fact that hardship and challenge often inspires innovation and progress.

To fund these ventures, record numbers of people are accessing government-backed Start Up Loans from the British Business bank via its regional delivery partners. With the banks swamped by bounce back and interruption loan schemes, these delivery partners are playing a critical role in managing the huge appetite for entrepreneurship being shown up and down the country.

If you have started a business during lockdown, you may have found that progress has been very slow. With large amounts of people starting businesses, it can be difficult for new businesses to stand out above the crowd. To overcome this, many business owners are accessing start up loans to give them an added boost, investing in areas such as websites and marketing to get their business moving forward.

Start Up Loans are by far the most affordable and accessible source of loan finance available to new businesses. The scheme has lent £663 million to over 78,000 businesses since its inception in 2012. According to British Business Bank, the value of loans in 2020 has increased 39% in comparison with the previous year.

However, what many people don’t know is that Start Up Loans are not exclusively available to brand new businesses. In fact, any business that has been trading for under 3 years is still eligible to apply. So, whether you have been trading for a short while, or are just getting started, you can still access the funding you need to take your business to the next step.

Whichever of these scenarios best describes you, we can help you in navigating the next steps. We support business owners through each stage of the application process, helping them to pull together a compelling business plan and cash flow forecast, creating a high quality proposal that gives them the best chance of being awarded the funding they need.

For more information about Start Up Loans and how we can support you in applying, call us on 0117 251 0189 or drop us an email to [email protected].