Start-up loans are available to ‘early-stage businesses’ under two years old and come with pre and post loan support.
- The start-up loan is taken as a personal not a business loan.
- The rate of interest charged is a flat 6%.
- Borrow up to £25,000 per director up to 4 directors.
- Repayment terms up to 5 years.
- Capital repayment holidays available in the first year.
The approval journey from end to end can be as short as five days or stretch to 18 months in an extreme case and loans are delivered via 23 national, regional and specialist delivery partners.
How a BAS firm can help
An ICAEW chartered accountant can provide further advice on all aspects of starting a business including company structure, employing staff, obtaining finance, accounting systems and key performance indicators.