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Start Up Loans

Start Up Loans – from The British Business Bank

DSL is a Business Support Partner delivering Start Up Loans as part of a network of Business Support Partners.

A Start Up Loan is a personal loan for business purposes for a term of 1 to 5 years at a fixed rate of 7.5% per annum. Applications must be aged 18 or over at the time of the application. A credit check will be completed

Features

  • A Start Up Loan is a personal loan for business purposes.
  • The loan is unsecured, so there’s no need to put forward any assets or guarantors to support an application.
  • All owners or partners in a business can individually apply for from £500 up to £25,000 each, with a maximum of £100,000 available per business.
  • 1-5 year loan repayment term.
  • Fixed interest rate of 7.5% p.a.
  • No application or set-up fees.
  • There is no penalty for repaying the loan early or making lump sum reductions.

Who Can Apply For A Start Up Loan?

You can apply for a Start Up Loan if:

  • You are at least 18 years old
  • You are a current UK Resident
  • You have the right to work in the UK
  • You’re starting a new business or have been trading for less than 60 months
  • You’re unable to secure finance from other sources (self-declaration is ok)
  • Your business type and loan purpose is eligible under terms of the scheme
  • Your business is based in Scotland

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

To register for a Start Up Loan and check your eligibility please click here

The above calculator should be used for illustrative purposes only.  Exact figures will be published in the loan offer documentation.

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£
%
years
APR —
Monthly Payment —
Total Repayable —
Cost of Finance —

Representative Example

You could borrow £10,000 over 60 months with 60 monthly repayments of £200.38 each
Total amount repayable will be £12,022.77
Representative 7.8% APR
Annual Interest Rate (Fixed) 7.50%
This representative APR applies to loans of £1,000 to £25,000 over 1 to 5 years. Other terms and loan amounts are available at different rates. The maximum APR you could be offered is 16.1% APR.

The representative APR is the rate that at least 51% of people are expected to receive when taking out a loan within the stated amount and term range.

An example for Illustrative purposes:

Representative example:

7.78% APR* Representative based on a loan of £10,000 repayable over 60 months at an interest rate of 7.5% AIR** per annum (fixed). 60 Monthly repayments of £200.45, total amount payable £12,027.00.

*Annual Percentage Rate (APR) is the total cost of the credit expressed as an annual percentage. It represents the actual yearly cost of credit over the loan term.

**Annual Interest Rate (AIR) is the rate of interest on a loan with the rate compounded on a monthly basis.

These calculations are only for illustrative purposes and are not a substitute for professional advice.

Get in touch to find out more.

Start Up Loans

Start Up Loans is part of the British Business Bank and delivers the Government’s Start Up Loans support for businesses who struggle to access other forms of finance. DSL Business Finance Ltd is the only official Regional Business Support Partner for Scotland and is headquartered in Scotland. For more information, please click here.