Virgin StartUp is an official Delivery Partner of the Government’s Start Up Loans scheme. The scheme was launched in 2012 with the aim to promote entrepreneurship and to tackle the problem of accessing finance that all early stage start-ups face. Since launching, the scheme has provided funding to nearly 38,000 businesses.
A Start Up Loan is:
- An unsecured personal loan for business purposes only.
- Loans can be borrowed over a period of 1-5 years at a rate of 6% fixed p.a.
- There is no set up fee or early repayment fee.
- Each applicant (business founder, partner, director or shareholder) can apply for a separate loan for the same business.
- The maximum amount each person can apply for is £25,000.
To be eligible for the scheme, you must be:
- Aged 18 and over.
- Based in England or Scotland.
- For non UK/EU citizens, you must have a valid working visa at least 6 months longer than your loan term.
- Please note that you will be credit checked as part of your application.
Why is Virgin Start Up backing the government’s Start Up Loans scheme?
No equity dilution. We believe loan finance is an attractive finance option for start-ups because borrowers do not need collateral or lose any equity stake in their business. This is particularly important for early stage start-ups because it’s difficult to put an accurate valuation to a business at an early stage.
Maintain control. By not losing any equity stakes, you maintain control of your business and the flexibility to run your business the way you wanted.
Boost your investment appeal. By taking a loan to finance your business, you demonstrate your commitment and belief in your venture, this will give any future investors more confidence in you and your dedication to the idea. In addition, by not losing any equity stake in the early stage, it’s more attractive for other investors to invest in your business without the complication of dealing with other stakeholders.
Why is a Start Up Loan from Virgin StartUp a great way to get your idea off the ground?
Free support: Qualified applicant will be assigned with a business advisor who will provide one to one advice and support to you to develop a viable business plan and realistic financial projections in order to get your loan application approved by Virgin Start Up.
In some areas, such as London, you will also be offered the opportunity to attend a business plan workshop to develop your business plan in a classroom environment alongside other aspiring entrepreneurs.
Successful loan recipients will be offered mentorship with one of our carefully selected volunteer mentors. These mentors commit to up to 15 hours of free support for the first 12 months.
Loan recipients will be given access to exclusive offers and opportunities from the Virgin Group.
Loan recipients will be given one year free membership to Virgin StartUp Club – an exciting community of entrepreneurs with access to exclusive content specialist workshops, discounted events, and peer-to-peer men networking.
If you have a business idea and need funding or mentoring to take it forward, apply here.