Outset Finance is a national delivery partner of the government’s Start Up Loans scheme and can offer new business owners access to a loan valued up to £25,000, plus 12-months free mentoring support.
Start Up Loans are designed to help people start and sustain their business. They are specifically designed to support people who have been (or are likely to be) rejected by the bank, so your past financial experiences don’t have to stand in the way of your future potential.
Start Up Loans are designed to support people in the early stages of starting-up, so if you are yet to start your business, or in your first 24 months of trading you are probably eligible to apply. People typically borrow between £2,000 and £10,000 (the maximum loan is £25,000) and all loans come at a competitive fixed rate of interest at 6% APR.
If you’re successful in applying for a Start Up Loan, we’ll also match you up with a suitable business mentor to offer you 12-months of free support and help you navigate any challenges, barriers or opportunities as you go about setting up your business.
We don’t encourage people to take on debt they can’t afford, which is why we work with you prior to submitting your loan application to ensure that your business plan and cash-flow forecasts are strong enough to enable you to sustain a loan. We are pleased to offer Outset Finance clients 12-months free access to Outset Online, our online learning programme, to help prepare these documents and provides access to a set of online calculators that make planning and managing your finances so much easier.
Am I eligible?
If you can answer ‘yes’ to the following questions then you are likely to be eligible for a Start Up Loan:
- You have not yet started trading or are in your first 24 months of trading
- Your business is or will be based in England
- You are eligible to live and work in the UK
- You are not currently bankrupt (or if previously bankrupt, we can consider an application 2 years after the discharge date)
- You do not have any outstanding Individual Voluntary Arrangements (IVA)
- You have not taken out a Start Up Loan through any other provider
- You have been (or are likely to be) refused by a bank (self-declaration is acceptable)