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Start Up Loans - Creative England

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What is the Business Support?

Creative England has established a new partnership with the British Business Bank, to unlock new and important investment opportunities for all subsectors of the UK's creative industries.

The new government-backed Start Up Loans for the creative industries will offer borrowing of up to £25,000 at a fixed interest rate of 6% per annum, repayable over 1-5 years. As well as providing access to early financing, the loans will also include 12 months of post-investment mentoring support for recipients.

Applicants are welcome from any subsector of the UK's creative industry; from young practitioners or experienced freelancers, to creative Start Ups less than two years old. 

What is the loan available for?

The scheme offers low-interest personal loans and free mentoring to help you start or grow a new business. It’s a great alternative if you’re looking for a business loan to fund a start-up.

  • Each co-founder or partner in the business can borrow between £500 and £25,000
  • There’s a fixed interest rate of 6%
  • You can repay over a period of one to five years
  • You’ll receive 12 months of free mentoring once you’ve been issued the funds
  • There are no early repayment fees or any other fees for setting up the loan

 

Any eligibility criteria?

The eligibility criteria is as below:

  • you’re 18 years of age or older
  • you’re a current UK resident
  • you’re starting a new business or have been trading for up to 24 months
  • you’re unable to secure finance from other sources (self-declaration is ok)
  • your business is based in the UK
  • you have the right to work in the UK
  • your type of business and reason for wanting the loan is eligible under the terms of the scheme
  • you pass credit checks and you can afford to repay the loan

To check if you are eligible please check here.