startuploans.co.uk

The Start Up Loans Company provides government-backed, unsecured personal loans of up to £25,000 to people starting or growing a business in the UK. The loans carry a fixed interest rate of 7.5% per year and are repaid over 1 to 5 years, with no fees for arranging the loan or repaying it early.

First-time recipients receive 12 months of free business mentoring, along with help writing business plans and cash flow forecasts and access to templates and how-to guides. Applications are assessed by a national network of business support partners across England, Wales, Scotland and Northern Ireland. Loan agreements are managed by GC Business Finance, which is regulated by the Financial Conduct Authority.

The company was established in September 2012 and is part of the British Business Bank. The website states that more than 100,000 business ideas have been supported with over £1 billion in loans, and that the average loan amount is £10,264. It also offers free courses developed with The Open University.

Product: Unsecured personal business loans of up to £25,000 at a fixed 7.5% per year, repayable over 1 to 5 years, with 12 months of free mentoring.