Start Up Loans

WHAT IS A START UP LOAN?

Start Up Loans are a Government-backed scheme, helping more people to start businesses. It's a low-interest loan, a great alternative to a traditional bank loan if you’re looking to fund a business idea. Customise your loan to borrow the exact amount you need, when you need it.

Transmit Startups is a national delivery partner for the government's Start Up Loans scheme.

Let's get to work! We're here to guide you through the application, making it as quick and easy as possible so the money is in your bank account when you need it. We’ll check that you're eligible and provide advice on creating a business plan and realistic cashflow forecast. We'll match you with a business adviser, and help you to use the templates we've designed to make this process easy.

  • Borrow £500 - £25,000, customised to your needs
  • ...and take a second loan, if your business needs it
  • Funding specifically available for businesses that are not trading, or those that have been trading for less than two years
  • Applications open to all those age 18+ based in the UK - whether you are working full-time, part-time or are currently unemployed
  • Professional advice and mentoring given free of charge.

There are no fees charged for obtaining a Start Up Loan or any of the services associated with it. All of our advice, professional mentoring and templates will be free for you to use.

Register for a start up loan

Some Key Details

Start Up Loans at a Glance

£500-£25,000 Finance Available

6% P.A Fixed
Interest Rate

£7,000 Average Loan Size

For Businesses
Trading 0-24 Months

1-5 Years
Loan Term

No Application Fee or Early Repayment Fees
For UK-Based Businesses
Government-backed

Questions?

All your questions answered

Why choose Transmit Startups for a Start Up Loan?

Transmit Startups are the UK’s largest delivery partner for the Government’s Start Up Loan scheme. We live and breathe startups, and love seeing what our recipients achieve.

We’ve helped thousand of people just like you. In fact, we award more Start Up Loans than anyone else.

Our directors are all entrepreneurs and many of our staff have started businesses themselves.

Because of our experience, we’re startup experts. We know how to help you plan for business success and apply for a Start Up Loan.

Our highly experienced business advisers are with you every step of the way. We all really want to see you succeed and will do everything we can to help you.

Once you’ve been approved for a Start Up Loan, we’ll assign you a mentor to support you during your first twelve months. Your mentor will be a soundboard for any questions you have or challenges you face.

How do I apply for a Start Up Loan?

The first step towards getting funding for your new business is our simple online application form.

1. Fill in your details and we’ll check your eligibility, run a credit check and let you know whether we can take your application forward.

2. If you’re eligible, we’ll appoint one of our experienced business advisers to your application. They will work with you to make sure your application – and business – stands the best chance of success.

They’ll work through your business plan and financial forecasts to make sure they’re watertight and well thought out. They’ll also check your ID documents and bank statements.

3. Once your documents are all complete, we’ll send them off to the decision-makers and you’ll hopefully be approved for your Start Up Loan.

4. Once approved, you’ll receive a Start Up Loan agreement to sign, and once that's done you’ll receive your money and be offered the chance to choose a business mentor.

What do I need to apply for a Start Up Loan?

To apply for a Start Up Loan, you will need to complete:

  • A business plan
  • A financial forecast for your business
  • A personal survival budget

These don’t have to be perfect; we’ll help you work on them.

You may also need to provide us with:

  • Personal identification documents
  • Some personal bank statements

Unlike business loans, because this is a personal loan you DON’T need to provide any business accounts.

If you’re ready to get started with your business plan now:

If you want to work out whether you can afford to start a business:

How long does it take to get a Start Up Loan?

Once your application has been approved and you’ve completed the paperwork, the money will usually be in your bank in a matter of days. But the length of the application process depends how prepared and responsive you are.

If your business plan and financial forecasts are all in order, we can process your application very quickly, sometimes in as little as a week.

If they need more work, or if you need time to respond to requests for information, it will take longer.

We’re here to help you get funding to start a new business and begin your self-employment adventure, so work with us to make it happen as soon as possible.

What can I use a Start Up Loan for?

You can use your Start Up Loan to fund any aspect of your new business.

For example:

  • securing premises
  • buying stock
  • developing your marketing
  • hiring staff and professional services
  • paying for equipment and tools

Take a look at our success stories section to see how other entrepreneurs have used their Start Up Loan to fund a new business.

Who can apply for a Start Up Loan?

You can apply for a Start Up Loan if you want to start a business or have a business that started trading less than two years ago.

There are eligibility criteria that you should check before you apply. For example, you need to be over 18, and you and the business need to be based in the UK.

Certain businesses aren’t eligible to receive a Start Up Loan, such as gambling, drugs and weapons, so double check before you submit an application.

If you’re not sure, read our guide: Am I eligible for a business loan?

What is a Start Up Loan?

A Start Up Loan is a loan for people who want to start a business or who started a business less than two years ago.

It is a bit different to a normal business loan because:

  • you don’t need to provide any business accounts to be considered
  • we’ll help you complete your business plan and financial plan
  • it includes business mentoring in your first twelve months

It is ideal for people who need between £500 and £25,000 to fund a new business, along with expert business support from the start.

FAQ’s
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Application Criteria

Who Can Apply For A Start Up Loan?

A Start Up Loan is a personal loan for business purposes.

We lend to applicants who are 18 years or older at the time of application. Individuals can receive one loan, however more than one partner in a business can apply for a Start Up Loan.

Please note that you will be credit checked as part of your application.

  • You must be aged 18 or over

  • You must be based in the UK

  • The loans are unsecured personal loans

  • The loans can only be used for business purposes

  • We can provide loans of up to £25,000 per person

  • Each business founder (partner, director or shareholder) can apply for a separate loan
  • Repayments are made over a period of 1 to 5 years and have a 6% p.a. fixed interest rate

Register for a start up loan

Repayment Example

The monthly repayments for a £5000 loan would be approximately:

Loan Period Monthly Payment
12 months £430
24 months £222
36 months £152
48 months £117
60 months £97

For other loan amounts and repayment periods, use our Loan Calculator.

Quick loan calculator

Monthly Payment
Total Repayment
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Start Up Loans are personal loans for business use only and subject to status. The monthly repayment amounts quoted are estimates which may increase or decrease slightly depending on the number of days between approval and when the loan is advanced.

Register For A Start Up Loan

The Programme’s Aims

The Start Up Loans programme aims to provide mentoring and financial support to entrepreneurs that would not normally be available via traditional banking relationships.

  • Foster a culture of entrepreneurship
  • Support applicants to create and develop their business
  • Boost to UK economic growth through supporting new businesses
  • Build success for new ventures through expert advice and support

To do this we offer pre-application support to entrepreneurs, affordable loans on clear terms, ongoing support and access to useful product and service offers that would not normally be available to new businesses.