Start Up Loans
The Startup Loan Programme is a nationwide scheme that makes cheap finance available to businesses in the early stages of their life. There’s a common misconception that these are exclusively microloans to pre start businesses.
Whilst that’s part of the picture, the scheme allows for loans of up to £25,000 per director and money is available to companies up to 24 months old. This is a great source of funding for companies that have established themselves, and are looking to grow to the next level.
In 2015, we worked with Leisure Park Internet Services Limited to secure some growth finance. They install and operate wireless broadband facilities in holiday parks, billing the resident or holiday maker to use the facility. It’s a fabulous business, but clearly there’s a large outlay for the equipment before the income starts to flow.
Having funded their own rapid growth during their first eighteen months of trading, they wanted to increase the pace of their expansion, and sought a cash injection to accelerate progress. We helped them secure a significant amount of cash that would allow them to roll out their coverage to many more leisure parks before the busy summer season.
Startup Loans are unsecured with no set up fee, and have a flat rate 6% interest rate.