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lordlancaster lordlancaster is offline
Join Date: Jan 2009
Location: Gateshead
Posts: 1,339
What are StartUp Loans?

The StartUp Loans project was officially launched today (Monday 28 May 2012) at a Department for Business / StartUp Britain organised event in London.

StartUp Loans is a UK Government backed project which will provide loans averaging £2,500 per person to young people aged 18-24 who want to start a business. The money is aimed at pre-start businesses or those who are in the very early stages of starting a new business.

The money is provided by the Government although it's expected that some private sector funding will also be included. Lenders have up to 5yrs to repay the loan and can take a 1yr 'repayment holiday' at the start before having to pay anything back. You can also apply even if you already have an outstanding Student Loan.

Watch this great video of Lord Young ('Godfather of StartUp Loans') below in which he explains what the StartUp Loans are, who can apply and how it will all work.

To coincide with the launch, Lord Young has also released the first comprehensive report on small and medium-sized enterprises (SMEs) since the Bolton Report of 1971 titled 'Make Business Your Business'.

Shell LiveWIRE supports StartUp Loans

The Shell LiveWIRE team are fully behind the StartUp Loans project and our Project Director, Stuart Anderson has been involved in discussions which influenced the idea from the very beginning.

StartUp Loans are just getting started, but it's hoped that tens of thousands of people will be helped through the project over the next 3yrs but we need everyone in Britain to get behind them and to do their bit to spread the word and encourage people to apply.

But what do you think? Is this what Britain needs to help kickstart the economy and will you be applying for a loan yourself?

Please post your comments and feedback below in our new StartUp Loans forum at: so we can share this with everyone involved in delivering the programme...
lordlancaster lordlancaster is offline
Join Date: Jan 2009
Location: Gateshead
Posts: 1,339
FAQs about StartUp Loans

When can I apply?
You can apply for a StartUp Loan from 28 May 2012.

To whom do I apply?
The StartUp Loan distribution partners will be announced shortly and you can choose the loan provider that suits you best.

Am I eligible?
To apply for a loan, you should be aged 18-24, living in England and thinking about starting a business.

What is the application process?
This may differ depending on the StartUp Loan provider you choose to go with but, in most cases, it will involve submitting a business plan on which your application will be based. You may also be invited to talk through your business or idea in person.

What kind of loan is it?
The StartUp Loan is a personal loan.

If I receive a StartUp Loan, what are the payback terms?
You will be required to pay back the loan within three to five years at a fixed APR (annual percentage rate) of 3% plus RPI (Retail Price Index) which is currently 3.5%.

I already have a Student Loan. Can I apply for a StartUp Loan as well?
Yes, you can apply for a StartUp Loan.

What else do I receive?
As well as the loan, you receive business support and mentoring and a free copy of the StartUp Loans Kit, which offers all the guidance you need to start a business plus over £500-worth of offers on products from business cards to websites, netbooks and work suits.

lordlancaster lordlancaster is offline
Join Date: Jan 2009
Location: Gateshead
Posts: 1,339
'The skinny on Start Up Loans' by Management Today (10th August 2012)

Management Today published a great interview with Lord Young and a summary of the forthcoming Startup Loans initiative on their site today at:

Well worth a read to see why the scheme could have huge and lasting impact on young entrepreneurs and the British economy!
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