Are there any grants or loans for people with disabilities to start a business?

[Kerwin]

This was something I was hoping to ask my accountant but they are swamped with COVID and Brexit requests and they haven't had a chance to onboard me yet.

I was just wondering if there were any grants or loans available for people with disabilities to start their own business? I've managed to scrape a bit of money together by selling some things and it should tide me over but my long term plan requires a bit more spending and having a loan (I don't mind if it requires a personal guarantee) would help a lot.

Any advice would be appreciated.

 

[Mark T Jones]

The Government Start Up Loan scheme is specifically for this purpose. This is my affiliate link https://transmitstartups.co.uk/ref/fof/

If you want to know more. I'll be happy to answer any questions either on here or by DM

For grants, I'd suggest you look through charities or arganisations which are focussed on your specific type of disability

 

[Mr D]

Occasionally there are local grants available through local trusts or council. Grants are often very specific - and may require match funding from you.
Your local chamber of commerce may well know if there is anything in your area.

You may be able to get universal credit for your first year - after that expect it to reduce massively or stop.
During 1st year you would provide regular updates on your income and that would affect how much benefit you get. After 1st year they would regard you as earning at least minimum wage for the hours you work regardless of you earning less.

Not so much to help your business as to help you live.

Earning say £17k a year after just one year in business as a gross personal income figure is darn hard.

Good luck. Your own business can be built around what you can and cannot do and you can make it what you want. A fair number of disabled set up in business at some point, whether to make extra cash or make a lifestyle from it.

 

[Kerwin]

Thank you both for the replies. That startup loan thing sounds like exactly what I am after. I need to get some computer hardware and just can't afford with the money I have. On the other hand, I'm fairly confident there is an untapped market for what I am offering. I'm going to update my business plan with a better cash flow forecast, and hopefully, I'll be able to move from there.