When can I apply?
You can apply for a StartUp Loan from 28 May 2012.
To whom do I apply?
The StartUp Loan distribution partners will be announced shortly and you can choose the loan provider that suits you best.
Am I eligible?
To apply for a loan, you should be older than 18 and younger than 24, living in England and thinking about starting a business.
What is the application process?
This may differ depending on the StartUp Loan provider you choose to go with but, in most cases, it will involve submitting a business plan on which your application will be based. You may also be invited to talk through your business or idea in person.
What kind of loan is it?
The StartUp Loan is a personal loan.
If I receive a StartUp Loan, what are the payback terms? You will be required to pay back the loan within three to five years at a fixed APR (annual percentage rate) of 3% plus RPI (Retail Price Index) which is currently 3.5%.
I already have a student loan. Can I apply for a StartUp Loan as well? Yes, you can apply for a StartUp Loan.
What else do I receive?
As well as the loan, you receive business support and mentoring and a free copy of the StartUp Loans Kit, which offers all the guidance you need to start a business plus over £500-worth of offers on products from business cards to websites, netbooks and work suits.
