Start Up Liverpool
Riverside Credit Union, 17 Penketh Drive, Speke,
Liverpool
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Business Start Up Loans
Key Facts
• Loans available primarily to anyone aged 18-30
• Loans are made on a personal basis rather than to the business
• No minimum or maximum amounts but average expected to be £2,500 to 10,000
• A number of individuals can group their loans together for the same business project subject to a combined maximum of £25k
• Minimum term 1 year, maximum 5 years including any CRH (majority expected to be c3 years)
• Maximum repayments expected to be the norm but can accept weekly
• Interest rate fixed at 6% for duration of loan
• No fees payable
• No collateral security will be taken (debtor will be personally liable for debt)
• No early repayment penalty
• No sector restrictions
• Phased drawdowns available
• Beneficiary cannot receive more than 1 Start Up Loan
• A start up business is classed as one in its first 18 months of trading or prestart
• Any additional funds provided at the same time or within 3 months of SUL must be on comparable terms
• Must have a business plan
• Applicants can be in education, employed or unemployed
• Applicants should be unable to raise funds from traditional sources but formal bank decline not required
• Applicants with CCJs can apply but not bankrupts or those under an IVA
• We cannot support activities involving pornography or overt sexual nature; credit or lending; money transfer; gambling or any illegal activities or that would carry reputational risk.
• Businesses has to be based in England and non-British applicants must have permission to stay and work in the UK for the duration of the loan
• 'If the business case is viable the deal should be done”
Support
• Applicants will benefit from mentor support both pre and post drawdown, helping them develop their business ideas and plans (min two face to face or telephone contacts pre drawdown and 4 x 1 hour sessions in the 12 months post drawdown and unlimited online support)
• Help sign post individuals to appropriate sources of support appropriate to their circumstances, even if self-employment is deemed not for them. Examples will include: ELECT, Wirralbiz, Dream High, Making Business Work, Princes Trust, LJMU Centre for Entrepreneurship, Liverpool Hope University Start up team, Edge Hill University incubator (details awaited), St Helens Chamber, Local Authority business support teams, Blue Orchid, The Womens Organisation, websites run by Business Link, Start Up Britain, and Business in You. For those returning to employment: Avanta/Ingeus Deloitte/ A4e under the Work Programme, , local job centres and Connexions
• National partner offers include:
- Regus
- 6 months free use of Virtual office address
- Paypal – reduced fees
- Ebay - free ebay store for 3 months;
- Magento – free website for 6 months with e-commerce capability;
- Intuit Quickbooks – 24 months free access to Quickbooks Online Simple Start
