business gateway access to finance loans for new start businesses alan king. 29 september 2014
TRANSCRIPT
Business Gateway
Access to Finance
Loans for New Start Businesses
Alan King.
29 September 2014
Background
Government Funded Scheme Start Up Loan Company (SULCO) set up to deliver the loans WSLF Management Services Ltd manage and administer the
loan in Scotland The loan will be branded as Start Up Finance Scotland, and
marketed under this name Helping people with a viable business idea get the funding
they need to start their own business
Background (Cont’d)
To 30 June 2014 over 19000 businesses have been backed with loans totalling over £96m in England, Wales & Northern Ireland
Start Up Loans started in Scotland in early 2014
Who Provides The Loan?
Funding comes from the UK Government The Start Up Loans Company Ltd set up to deliver
Start Up Loans Loans, Aftercare & Support delivered using local
delivery Partners In Scotland: WSLF Management Services Ltd &
Business Gateway
Loan Recipient
Personal Loan that can be applied for by individuals who are starting a business or who have recently started a business
Business must be trading for less than 12 months
Failure repay might result in action to recover any monies outstanding
Might result in registration of the debt with credit reference agencies
Loan Features
Loans granted are Unsecured Personal Loans regulated by the Consumer Credit Act (CCA)
Loans are granted under the name of the applicant who remains solely responsible for the repayment of the loan
Loans are credited to the Personal Bank Account of the applicant
Up to 3 people can apply for loans contributing to the same start up business
Loan Features (Cont’d)
Applicants must be aged 18 years or over Amount: Minimum £1000. Maximum £25000 Repayment Period: Between 1 and 5 years Interest: Fixed rate of 6% (Equates to 6.2% APR
representative) Interest only periods of up to 6 months may be
considered and 12 months in exceptional circumstances.
Seasonal repayments can be factored in
What can the Loan be used for?
• Start Up Costs – materials, equipment, machinery, licences, (HGV), marketing, website, property refurbishment
• Working Capital – only in ‘exceptional’ circumstances eg: first 2-3 months of trading whilst invoices are waiting to be settled/paid
Further Information
For further information on the Start Up Loan Scheme please visit:
www.startupfinancescotland.co.uk
Contact Us
Business Gateway Scottish Borders
Ettrick Riverside Business Centre
Dunsdale Road
Selkirk TD7 5EB
Tel: 01835 825600
E-mail: [email protected]
Website: www.bgateway.com
Facebook: www.facebook.com/bgborders
Twitter: www.twitter.com/bgborders
Q & A