Start Up Loans
BSD is a Delivery Partner for the Start Up Loan Scheme and is based in North Yorkshire. This is a Government sponsored scheme to provide funding for entrepreneurs who wish to start a business. Initially the scheme was only available to applicants aged 18 – 30 but BSD are now authorised to also offer the scheme to applicants aged over 30 who either want to start a business or are in their first 12 months of trading. Loans are unsecured and there is not necessarily any requirement for a personal contribution from the borrower. The loan can be given for any purpose connected with starting a business (other than pre training required to run the business) and interest is charged at 3% over the prevailing Retail Price Index. Loans can be taken over a maximum of 5 years. An essential element of the Scheme is the provision of on-going mentoring by a qualified and experienced business adviser and applicants will be expected to sign up to this free service. BSD prefers to interview applicants for loans in person and to conduct on-going mentoring during the period of the loan either in person or via social media.
All applications are subject to a credit check but not credit score.
BSD will assist applicants in putting together a comprehensive Business Plan and Financial Forecasts and as indicated provide free in depth on going mentoring.
Identification documents will be required such as a valid passport or driving licence, 3 month’s bank statements in the applicant’s personal name and a completed self declaration regarding any outstanding credit.
Please note that The Start Up Loans Co does not provide grant-based funding. Meeting monthly repayments forms a primary condition of the loan agreement applicants accept and sign. Like other credit commitments, failed Start Up Loan repayments may affect an applicant’s credit record and formal action may commence against the applicant for missed loan payments.
The Start Up Loans Company have secured some fantastic business offers, exclusive to Start Up loan recipients. These provide discounts on a number of business products and services and equip an entrepreneur with many of the tools needed to launch a successful start-up. To see how these offers could benefit your business and to redeem, please follow this link http://www.startuploans.co.uk/corporate-partners/ .
BSD is authorised and regulated by the Financial Conduct Authority under Interim Permissions Reference Number 658628