Government Start Up Grants

Government-funded start up grants are available to prospective business owners who are ordinarily resident in the UK. The levels of funding available vary, but often start at £4,000. Below is an overview of the main grant schemes available.

The Start Up Loans scheme

The Start Up Loans scheme is available to all UK residents aged 18 and above who require funding to set up a business. This is one of the most popular grant schemes available to UK-based entrepreneurs, and in 2015 alone it helped fund more than 13,000 companies. The scheme is administered by the Start Up Loans Company, although this is a government-backed programme that also receives support from The Business Bank. Funds are provided through unsecured loans, which have a maximum repayment term of 5 years. Loans cannot exceed £25,000 and interest rates are fixed at 6 per cent.

In addition to funding, the Start Up Loans scheme offers a support package that includes mentoring and a range of discounted business products, such as reduced PayPal rates, free website hosting, free business banking, free access to accounting software, and more. You can learn more about all the benefits available here.

Once the application is sent, prospective business owners will be matched to a delivery partner / business advisor, whose role is to offer support and advice when creating a business plan. This document will then be used by the Start Up Loans Company to evaluate whether funding will be granted or not. For detailed information, please visit the Start Up Loans scheme (www.startuploans.co.uk) Read more »