On this page you will find information about:
- What a Start-up-Loan is.
- How to apply for a Start-up-Loan.
- How X-Forces could support your application for a Start-up-Loan.
What is a Start-up Loan
A Start-up-Loan is a government-funded scheme which could allow you to borrow anywhere from £500 to £25,000 to start or grow your business.
The loan is issued by British Business Bank with X-Forces as the appointed Armed Forces Community Business Support Partner.
Eligibility
To be eligible for a start-up-loan you must be a UK resident with the right to work in the UK, and be 18 years old, or over. You must also have been running, or plan to start, a UK-based business which has been fully trading for less than 36 months.
You will need to pass a credit check as it is counted as a personal loan.
Read more about the eligibility criteria for start-up-loans on the British Business Bank website.
Fees and Repayment
The loan can be repaid over a period of one to five years, with a fixed interest rate of 6% charged per year.
Additionally, there are no fees for arranging the loan or repaying it back early.
Before you decide whether or not to take out a Start-Up-Loan, you may want to read the X-Forces guide on them, which includes a calculator which will show you how much you borrow compared to how much you will have to pay back.
Begin the application process for Start-Up Loan on British Business Bank website.
More information
Find more information and guidance on the RBL Knowledge Base website.
