What is the loan available for?
Start Up Loans offers unsecured loans of up to £25,000 over 1-5 years at an interest rate of 6%. NBV, as an Official Referral Partner for The Start Up Loans Company, will assist your business in putting together a proposal and presenting it to the loan panel. So far we have helped our clients raise just short of £500,000 of loan funding.
A Start Up Loan is a personal loan for business purposes. It aims to help individuals starting a new venture which is either still in the planning stages or has been trading for up to 12 months, although in certain circumstances this may be extended to 24 months.
Anyone aged over 18 at the time of registration and living in the UK, is eligible to apply for a loan. They must have a viable business idea and want to use the loan monies to support this venture.
Every loan application is considered according to the needs of the business, with an average loan size of around £5000. The final loan size will be determined by the business plan.
Only one Start Up Loan can be granted per person, however more than one person in a company can be eligible for a loan. The loans are paid back within 1-5 years, however the exact term of the loan will be agreed as part of the application process. The loans are set at 6% annual interest.
Capital or Revenue or Both?
Any eligibility criteria?
Once an individual has a business idea, we ask them to get in touch by filling out a quick expression of interest form online, giving us some basic contact information. We will identify the most appropriate Delivery Partner who can work with them to turn their idea into a business plan. The Delivery Partner will contact the applicant to get the process started. From workshops to advisors, our Delivery Partners will help budding business owners build the right plan for their business.
Any required delivery targets / outcome required
You must be able to show that the loan can be repaid during the loan period.
What are the loan terms?
• Fixed Interest Rate 6% (APR 6.2%)
• No arrangement fee
• Max repayment term 60 months
• A viable Business plan is required
• Typical example: A loan of £2,500 over 3 years with monthly capital & interest repayments of £76.05 per month.
Who provides the loan?
NBV offers Start-Up Loans in partnership with NWES alongside offering business support to entrepreneurs to help start their business.