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Discussion in 'First Steps To Starting A Business' started by Circle Back to That, Nov 11, 2014.
Has anyone dealt with the government start up loans... If they have what have your experiences been?
I'm an approved assessor in my area. If you have specific questions I can answer them.
My current freelance work is drying up, I have over the last six months been thinking about obtaining a start-up loan to start a small, light woodwork production type of business.
I joined Prime some time ago, but they don't seem to operate in my area -- Andover.
Do these government start loans require any form of security ? House, car, etc.
The loans don't require any 'hard' security - though the loan is made to you personally, so is implicitly guaranteed.
I don't know who operates Andover (A simple search should tell you)
They will look closely at your business plan (and appoint a mentor to help you develop it) - in my area there is a huge focus on the attitude & aptitude of the business owner (rightly so) over and above the idea itself.
Did you try applying using the form at: prime(dot)get-started(dot)org/register
Change "(dot)" for "."
I think it might work.
Let me know how you get on.
Not yet, I will look into it.
I am still looking around for suitable premises nearby, and also a working partner who is in a similar position to myself.
Seems that finding a suitable partner is going to be harder than finding premises.
Despite the thousands of "oldies" that are unemployed.
Perhaps they see it as a big risk for themselves.
If you have a business plan then a bank might be prepared to advance a small sum to you under the Enterprise Finance Guarantee scheme. The scheme is government backed meaning that if you can't ultimately pay back the loan the government will bail out the lender for upto 75%. Note you are liable for the loan and the bank will recover it from you. It is not you that has the benefit of the cover.
I started my business with BizBritain through startuploans and what a fantastic way to start a business! Everything is easy and well supported, I would recommend this route over approaching banks as your personal finance history will not affect a decision, only the strength of your business plan will. Another feature I like is that they will only give you funding if your idea etc is strong enough, PM me if you need any help or have any questions, Ben
Hi I have a small business idea that I have been doing as a hobby but I now want to expand on this to make it a full time business and need a small shop premises for the business but have hit a brick wall regarding financing it as the banks don't want to help as two years ago I was victim to an identity theft which has left a defaulted account for a credit card on my credit file. so I have approached startuploans who put me through to their local delivery partner in my area unfortunately they seem to base their decision on what is in your personal credit file BEFORE they even start to look at the business plan /idea so I am afraid your financial history WILL affect their decision. I though this was set up to help people to set up small businesses who cannot get the required funding from the usual routes. I would have thought that the majority of people who need the services of startuploans would have low credit scores and would be unable to obtain finance elsewhere as a result of this because I am disabled I will be forced to live on benefits as I cannot get a job with flexible working hours as I would working for myself. I am not asking for a large sum the money is required for the upfront costs of opening the shop.
I was on JSA when I heard about A4Enterprise which helped me with to get a government loan to start my business up, where the first year is just interest payments to help you start