START-UP LOANS

This is a government-funded scheme, providing advice, business loans and mentoring to startup businesses under two years old.

Overview

A start-up loan is a personal loan for business purposes. If you’re starting a new venture and it’s in the planning stages, or you have been trading for up to 24 months then a start-up loan may be able to help you.

The average loan size is £6,000, with one loan available per person. You are required to pay back the loan within 1-5 years, and the loan must be repaid in full, with 6% annual interest.

Am I eligible?

Start Up Loans criteria include:

  • You must be over 18 and living in the UK
  • You need to have an acceptable business idea and want to use the funds to support this venture
  • You may have already started your business, but you have been trading for less than 24 months

Visit the Start Up Loans website for the full criteria.

How to apply

Register your interest on the Start Up Loans website to begin your application or you can contact one of the local delivery partners:

Alternatively, you can contact our business growth team here at the LEP on 0113 3481818 or BusinessGrowth@the-lep.com to find out more. 

Local authority support

Specific help and support for new start-up businesses is also available from your own local authority and their partners. Contact the business growth team at BusinessGrowth@the-lep.com for more information. 

Business support and finance

Not sure where to start? Don't worry. Just get in touch with our business growth team and we can help you find the right support for your business needs.