Start up business loans

Startup business loans to get you growing.

Looking for a startup business loan? Fill in the form to get the ball rolling.    

What finance is available for Start-ups?

  • Government Start-up loan scheme up to £25,000 at 6% over 5 years
  • Larger loans (up to £250,000) with security over property and a clear business plan    
  • Invoice finance for B2B businesses   
  • Asset finance as long as Directors are offering a strong PG  

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Frequently Asked Questions

What documents will I need to apply?    

As a new business you will need a business plan and cash flow forecast. You may also be required to evidence demand and experience. If you have already started trading, you will also need business bank statements and in some cases, management accounts (profit & loss and balance sheet).

Are these Business Loans available all across the UK including Northern Ireland?    

Businesses in Northern Ireland are eligible to apply for a business loan, although some lenders are restricted to lending in England and Wales only. Please talk to your business finance advisor who will know which lenders are able to lend to businesses in Northern Ireland.

Do I have to be a home owner?    

No, but it does open up options.

Does it matter if I am a sole trader or partnership?    

No, there are options for all types of business structures.

I have some adverse credit. Can I still get a loan?    

Although it is more challenging to obtain finance with adverse credit, it is possible. It all depends on the exact nature of your adverse credit (when, who, how much and why?). Please call us to discuss.

I'm not sure what would be the best option, can I talk to someone about it?    

Of course, just give us a call on 01494 410 125

I haven't started trading yet, am I eligible?    

Usually lenders would require a minimum of 12 months trading, but it is possible to obtain a small business loan if your business hasn’t yet started trading. It may however limit your options and other factors will need to be considered (residential status, strength of credit etc).

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What do I need to apply for a Start-up loan? 

Applying for a Start up loan is relatively straightforward. Here's what you need to know...

  • Eligibility Criteria Your credit must be very clean for a Start-up loan (secured options are available if credit is weak). There must be either affordability in the business projections for the loan or, failing that, an asset in the background (i.e. a home owner with equity).
  • Documents Required The documents required to apply will depends on the lender and size of loan in question. Generally speaking a sound business plan, credible cash flow projections and detailed CVs of the Directors of the business are required. You can bypass much of this if you have a property to offer as security but the rates get higher (15-20%)
  • Additional Comments A key requirement often overlooked is the experience the founders/directors are bringing to the table. If they can point to previous experience running a similar business then this goes a long way towards making a compelling business case for the loan.

Since the financial crisis of 2008/9 high street banks have backed away from Start-up loans in the UK. The gap left has been filled by a few private lenders but most require compelling business cases and/or security in the form of property.

With so much choice emerging, businesses are increasingly choosing the wrong type of finance,which costs them more and doesn't suit their requirements. This is where the Choice Loan experts can help. Call us to discuss your situation and we'll find "perfect match" small business loans in the UK for you.

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