Start Up Loans
British Business Bank programme: Start-Up Loans
The government’s Start Up Loans programme, backed by the British Business Bank, aims to encourage entrepreneurship in the UK, increase the rate of business creation and improve survival prospects.
More specifically, the programme helps people to start their own businesses and become self-employed, by providing loans (up to £25,000 at 6% interest) alongside free mentoring and support – pre-start up and for business that have been running for less than a year.
As at end of December 2016, the Start Up Loans programme had lent over £276m to over 44,000 entrepreneurs. The programme is funded by the Department for Business, Energy and Industrial Strategy (BEIS), managed by the British Business Bank, and administered by the Start Up Loans Company (SULCo).