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lordlancaster's Avatar lordlancaster lordlancaster is offline
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FAQs about StartUp Loans (published 28th May 2012)

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.

Source: www.startuploans.co.uk
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RW Campbell's Avatar RW Campbell RW Campbell is offline
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Paul,

This is not fair to people in Scotland, Wales & Northern Ireland.

There are young people who want to set up small businesses but cannot get loans.

The whole loan idea should be launched to all of the UK not just England.

Regards,

Robert Campbell
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lordlancaster's Avatar lordlancaster lordlancaster is offline
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Good point Robert! To be honest, I thought it was open to everyone in the UK, not just England. I don't know why it doesn't include Scotland, Wales and Northern Ireland but will try to find out for you!
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RW Campbell's Avatar RW Campbell RW Campbell is offline
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Thanks Paul - PM me on any news that comes back to you

Regards,

Robert Campbell
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eilidhellery eilidhellery is offline
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I agree with RW Campbell. As usual Westminster is only interested in England... though at least this time they've bothered to go outside London. And then they wonder why many people in Scotland in particular don't want to be a part of the UK anymore; it's because there isn't UK-wide support for, well, anything really. When the government launch schemes like this they always limit them to England and further alienate the rest of the UK. It's like that episode of the Simpsons where Homer is excluded from the clubhouse because he's not popular with the other children; "No Homers Allowed". Well Westminster often makes the rest of the UK feel like Homer when they're excluded for various descisions and activities. There's a lot of talk about "Big Society this" and "Big Society that", well quite frankly, in the UK society is bigger than just England (and indeed London) and Westminster frequently forget this. It's very telling when Cameron makes speeches about potentially leaving the Eurozone and he says that "we need this for London", not England, not the Great Britain, but London. They need to take Britain as a whole entity if they really do want to keep it a United Kingdom. It's all very well launching fantastic schemes like this to tackle youth unemployment figures in the UK, but it's only a gesture to appear to be doing something and not an actual solution if they don't actually launch it UK-wide.

It does sound like a great scheme, it's just a shame that it's not open to the whole UK.
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lordlancaster's Avatar lordlancaster lordlancaster is offline
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Why are the StartUp Loans just available in England?

Hi Robert/Ellie,

I must admit that I just assumed that the scheme was open to the whole of the UK, especially as it is being marketed/promoted quite heavily through the StartUp Britain website, and it wasn't until Robert pointed out that it was just for England that I saw Scotland, Wales and Northern Ireland were excluded.

From what I know (which isn't a huge amount), the intitial StartUp Loans are being administered as part of a 'pilot project' of £10 million by consortiums of delivery partners in England (to be announced soon). I'm assuming the reason that Scotland, Wales and Northern Ireland aren't included is because £10 million isn't a huge amount when spread across the country and of course they all have their own Government/National Assemblies who may or may not wish to be part of the programme.

Apart from certain rules and regulations regarding lending, each consortium is free to market, promote and run the programme however they want. The idea being that the Government will learn what does/doesn't work so they can improve the programme the following year, and hopefully open it up much wider, potentially across the UK.
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RW Campbell's Avatar RW Campbell RW Campbell is offline
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Quote:
Originally Posted by eilidhellery View Post
I agree with RW Campbell. As usual Westminster is only interested in England... though at least this time they've bothered to go outside London. And then they wonder why many people in Scotland in particular don't want to be a part of the UK anymore; it's because there isn't UK-wide support for, well, anything really. When the government launch schemes like this they always limit them to England and further alienate the rest of the UK. It's like that episode of the Simpsons where Homer is excluded from the clubhouse because he's not popular with the other children; "No Homers Allowed". Well Westminster often makes the rest of the UK feel like Homer when they're excluded for various descisions and activities. There's a lot of talk about "Big Society this" and "Big Society that", well quite frankly, in the UK society is bigger than just England (and indeed London) and Westminster frequently forget this. It's very telling when Cameron makes speeches about potentially leaving the Eurozone and he says that "we need this for London", not England, not the Great Britain, but London. They need to take Britain as a whole entity if they really do want to keep it a United Kingdom. It's all very well launching fantastic schemes like this to tackle youth unemployment figures in the UK, but it's only a gesture to appear to be doing something and not an actual solution if they don't actually launch it UK-wide.

It does sound like a great scheme, it's just a shame that it's not open to the whole UK.
Thank you ellie.

Regards,
Robert Campbell
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RW Campbell's Avatar RW Campbell RW Campbell is offline
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Quote:
Originally Posted by lordlancaster View Post
Hi Robert/Ellie,

I must admit that I just assumed that the scheme was open to the whole of the UK, especially as it is being marketed/promoted quite heavily through the StartUp Britain website, and it wasn't until Robert pointed out that it was just for England that I saw Scotland, Wales and Northern Ireland were excluded.

From what I know (which isn't a huge amount), the intitial StartUp Loans are being administered as part of a 'pilot project' of £10 million by consortiums of delivery partners in England (to be announced soon). I'm assuming the reason that Scotland, Wales and Northern Ireland aren't included is because £10 million isn't a huge amount when spread across the country and of course they all have their own Government/National Assemblies who may or may not wish to be part of the programme.

Apart from certain rules and regulations regarding lending, each consortium is free to market, promote and run the programme however they want. The idea being that the Government will learn what does/doesn't work so they can improve the programme the following year, and hopefully open it up much wider, potentially across the UK.
Hi Paul,

I totally agree with Ellie as the rest of the uk is excluded. No wonder scotland wants to become independent!

Regards,

Robert Campbell
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RW Campbell's Avatar RW Campbell RW Campbell is offline
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Hi all,

Just heard that they expanded the age limit but didn't hear anything about rolling it out further.

Did anyone hear anything??

Regards,

Robert Campbell
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RW Campbell's Avatar RW Campbell RW Campbell is offline
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Source website:

http://www.bbc.co.uk/news/business-20892658

Hope this helps my above post!
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