Question about startup loans

[Kerwin]

In 2021 I got a startup loan of £5k. I'm still paying it off, which is fine. It should be paid in a couple of years.

The business failed primarily due to health reasons, but now I'm in a much better place and have the energy and motivation to start a new project. The question is simple: can I get a second startup loan? I have no problem with giving a personal guarantee.

 

[BillyB]

I got a Virgin Start Up Loan of £10k about 4-5 years and wondered the same recently, issue is I had to go bankrupt myself so I'd probably get declined.

 

[Mark T Jones]

In 2021 I got a startup loan of £5k. I'm still paying it off, which is fine. It should be paid in a couple of years.

The business failed primarily due to health reasons, but now I'm in a much better place and have the energy and motivation to start a new project. The question is simple: can I get a second startup loan? I have no problem with giving a personal guarantee.

It really depends on overall conduct and your personal credit


If you continued to pay despite the business failure - and didn't get into arrears elsewhere, there is no particular reason why they shouldn't consider your proposal.

The simple answer is why not apply and see?

 

[Kerwin]

It really depends on overall conduct and your personal credit


If you continued to pay despite the business failure - and didn't get into arrears elsewhere, there is no particular reason why they shouldn't consider your proposal.

The simple answer is why not apply and see?

I think I will try again. I've never failed to pay back a loan or any credit, so as far as I know, I should have a pretty good credit record.

I'll hold off for a bit to ensure everything is in a good place to start. I don't want to make the same mistake twice.

Thanks.