On the evening of Tuesday 12th of February two Westminster Business School society team leaders myself and Satinder Bhatia had the privilege of meeting James Caan (Serial Entrepreneur and former Dragon form BBC’s Dragon’s Den) at The Start-Up Loans UK headquarters in Mayfair.
The Start-Up Loans initiative was created by Lord Young of Graffham , the Enterprise Advisor to Prime Minster David Cameron (twitter: @Number10gov). The purpose of this evening was to learn more about Start-Up Loans UK from the Dragon himself who has been appointed Chair.
Start-Up Loans UK is an exciting opportunity aimed at Britain’s young aspiring entrepreneurs by making loans more accessible to young adults aged 18-30 living in England and looking for finance to start a business.
Once you apply which is quick and easy you will receive an answer within 4 business days at which point a Delivery Partner will work with you to present your business proposal to a panel where you will pitch for a loan. Upon approval you will be matched up with a mentor that has experience relevant to your business startup, with the aim at giving you additional support and guidance as you go through an entrepreneur’s journey to ensure success.
Now if you are part of a team developing the same start up, seeing that it is as a personal loan, it means that 4 or 5 people from the same company can apply for a loan towards the same business plan.
A few keys facts:
• You will be required to pay back the loan within five years at a fixed-rate of interest – currently 6%. Capital repayment holidays are available, but interest must be covered monthly throughout.
• Start-up loans are accessible to anyone who had a business in its initial phase – no existing debt and without the infrastructure to deliver. There is flexibility in this, and Start Up loans UK take a positive view on offering loans to existing start-ups.
• As well as the loan, business support and mentoring, applicants will also be eligible to enroll in resources from a number of our Global Partners such as Regus, PayPal, and Intuit.
As of February 11th, 2013 Start-Up Loans has support 1000 young entrepreneurs from the £112 million Government scheme created!
If you’re an aspiring entrepreneur which I personally know a few on the campus of the business school with the drive and itch to get your business plan off the ground go to http://www.startuploans.co.uk and apply TODAY!
If you have more questions don’t hesitate to contact UoW Start-Up Loans UK Student Ambassadors Na’Omi Canart (Twitter: @NaOmiCanart) & Evelyn Anyiri (Twitter: @EvelynAnyiri) at accounting.management@su.westminster.ac.uk or on twitter: @wbs_ams
You can also find more information here:
Twitter @StartUpLoansUK , @jamescaan
Instagram: Startuploansuk
Facebook: https://www.facebook.com/StartUpLoansUK
Website: http://www.startuploans.co.uk/
Post by Na’Omi Canart
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Great initiative! S.K.
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