Start Up Loans – Changes to Eligibility Rules
This March has seen a positive change to the legislation concerning Start Up Loans.
Previously, to be eligible for a start-up loan, a business could only apply if it had been trading for two years or less. Now loans will be available to businesses that have been trading for up to three years. This is a huge opportunity for lots of early stage businesses.
Borrowing money to start a business, as with most things, comes down to careful and thorough planning, with a hefty dose of previous experience to get you through the process quickly and successfully.
At Streamlion, we’ve got that experience in spades, so we suggest you let us take the strain when it comes to your funding. We will aid you through the entire start up loan application process, assist with your business plan and financial forecast and set you on the road to success right from the outset.
In addition, the term has been extended for a second loan. A second loan makes additional funds available to a previous Start Up Loan borrower against the same business idea. The term is now five years which gives greater opportunity for those businesses scaling up.
For a second loan you must be able to show positive trading for at least a three month period and you will need to have an updated financial forecast that mirrors trading to date. We can help you with this.
If you could benefit from this loan or have business associates or friends who are looking for funding, get in touch now.