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.
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