Start up loans

[Porky]

I had a £25k loan from start up loans coy over 5 yrs. The loan was fully repaid. The business later closed after covid.

A new business totally different i started could do with a £20k start up loan over 5 years but has no collateral.

Start up.loans would be ideal for this but because I previously had a start up.loan I can't have another from them as far as I know.

Any ideas who might support this? Thanks for any ideas. Own bank is co-op and they are as useful as a chocolate tea pot.

 

[Mark T Jones]

I had a £25k loan from start up loans coy over 5 yrs. The loan was fully repaid. The business later closed after covid.

A new business totally different i started could do with a £20k start up loan over 5 years but has no collateral.

Start up.loans would be ideal for this but because I previously had a start up.loan I can't have another from them as far as I know.

Any ideas who might support this? Thanks for any ideas. Own bank is co-op and they are as useful as a chocolate tea pot.

I'm not sure that you can't have a second loan, as long as it isn't essentially the same business? Have they confirmed it?

Can a family member start the business?

Failing that, you'll probably need to go the secured route or to use purpose-specific forms of finance - eg asset or invoice finance - both of which are accessible to start ups

 

[Mark T Jones]

As an aside, our personal joint account is with Smile (IE Coop) and they are beyond useless at anything other than routine e-payments.

We now only use them to pay monthly bills - anything interesting goes through our individual accounts with Lloyds and Chase.

 

[Kerwin]

I had a £25k loan from start up loans coy over 5 yrs. The loan was fully repaid. The business later closed after covid.

A new business totally different i started could do with a £20k start up loan over 5 years but has no collateral.

Start up.loans would be ideal for this but because I previously had a start up.loan I can't have another from them as far as I know.

Any ideas who might support this? Thanks for any ideas. Own bank is co-op and they are as useful as a chocolate tea pot.

I've had a startup loan before as well and I'm pretty sure you can get a second one although you could just throw them an email to check for sure.

 

[Paul Kelly ICHYB]

I'm pretty sure you can get a second one

The scheme ended years ago!

There are other types of support available, though.

 

[Kerwin]

The scheme ended years ago!

There are other types of support available, though.

Oh. I was talking about this.

Home Page

Whether you are looking to start up a business or want to grow, our Government backed Start Up Loans offer up to £25,000 alongside mentoring and support.

www.startuploans.co.uk

Which is still going strong.

 

[Mark T Jones]

The scheme ended years ago!

There are other types of support available, though.

Start up loans is alive and well

 

[Porky]

You can only have one loan in a lifetime which is a real shame.The scheme is brilliant but if you start business A take a loan, repay it and later start business B you can't have another.

 

[Kerwin]

You can only have one loan in a lifetime which is a real shame.The scheme is brilliant but if you start business A take a loan, repay it and later start business B you can't have another.

I don't think that is correct. The research I have done suggests you can get a second loan if you have started to pay back or fully paid back the original loan.

 

[Kerwin]

You can only have one loan in a lifetime which is a real shame.The scheme is brilliant but if you start business A take a loan, repay it and later start business B you can't have another.

Just double checked and you can get a second loan if needed.

Second Loans

If you've already secured a Start Up Loan for your business and need further finance why not check if you're eligible to apply for a Second Loan?

www.startuploans.co.uk

 

[Porky]

No. You are NOT Correct
You can have a second loan up to the £25k limit. Ie you had an initial loan of say £15k and was paying back and needed a further £10k top up loan for that business.

You can not, as in my case, have a loan of £25k for business A - pay it back fully and years later apply for say £10k for Business B - it is £25k max limit per individual in a lifetime.

As Mark pointed out a second person could apply BUT if its a one man business you dont have that option also the loan is against the individuals credit file

 

[DoolallyTap]

If you have a quality business plan and associated financial evidence there are plenty of places to get money. Interest levels will be huge.
What happened with the previous opportunity, why is there no cash available now.

 

[Porky]

Because that business closed down after covid. It had taken a 25k start up loan during its history which was fully repaid.

Wind on a few years, new business in totally different sector wants a start up.loan but can't use start up loans company.

This is because start up loans company take your NI Number as part of the process and you can only have in your lifetime up to a £25k max limit.