Start Up Loans and the Importance of Mentoring

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When you are starting a business, you need all of the startup advice you can get. There are lots of places where you can find advice and guidance for new entrepreneurs, from formal business incubators and regional growth hubs, to informal professional networks and mentoring. 

Mentoring improves startup success rates

Mentoring is a great way to learn more about running a business. Mentors are business owners who have already walked your path and have advice to share about the journey. They can answer your questions, signpost you to other sources of information, and provide encouragement and support.

Research from the Federation of Small Businesses has shown that 70% of small businesses that receive mentoring survive for five years or more, which is double the rate compared with non-mentored entrepreneurs.

Whilst a survey by the UK’s Department for Business, Innovation and Skills found that 94% of SMEs using external support have seen benefits. These firms are more ambitious and have higher relative turnovers.

The Start Up Loan Company have created this video to demonstrate the value of mentoring to Start Up Loan recipients. The video contains one of our directors, Richard Myers, who is also one of the mentors here at Transmit Startups. Richard has started and scaled several businesses of his own and is happy to share his expertise with people at the start of self-employment.

Can I get a mentor with my Start Up Loan?

Yes. Here at Transmit Startups, we're committed to helping you achieve your startup dreams.

We provide business startup guides to increase your knowledge, support to write a business plan when you apply for a loan.

And we assign you an experienced business mentor after you have received your loan, to provide advice and guidance for your first year in business.

Want some inspiration? Take a look at some of our startup business success stories.
If you are interested in applying for an affordable Start Up Loan - and benefiting from having an experienced mentor by your side - find out how much you could borrow with our Start Up Loan calculator
Laura White

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