Starting a new business is a challenge and so often an act of faith.
A new business owner has the ambition, the vision, the ideas and the enthusiasm to take the plunge and go out on their own. The key components of a new business are the 3M’s – marketing, management and MONEY. Every business needs finance and working capital and that is especially important for a start-up or new business – money makes the world go round!
For start-ups and new businesses, help is at hand for raising essential finance by making use of the government’s START-UP LOAN scheme. The scheme is ‘what it says on the tin’ – loans to help entrepreneurs pay for their start-up costs such as the website, logo design, machinery and equipment, insurance and other costs. The loans are funded by the government, not the High street banks. Subject to application and credit-worthiness, Start-Up Loans are available to anyone who is planning to start their own business or who has already started trading but is inside their first two years of trading.
The Start-Up Loans range from £500 minimum to £25,500 maximum. The business owner can choose for how long they need the loan – maximum of 5 years. The loan can be re-paid at any time without any penalties. The interest rate charged is a highly competitive 6%.
Uckfield Chamber member and business adviser Chris Dowling works with an approved Start-Up Loan provider. Chris will be pleased to talk to any business owner who wants to find out more about the Start-Up Loan scheme.