£1m worth of loans available now to young entrepreneurs
Do you have a brilliant idea for a business but need a little help or need funding to kickstart your startup? Then if you are between 18 and 25 years of age and want help to launch your business, there is a new loan service to get you started.
The National Association of College and University Entrepreneurs (NACUE) has teamed up with GLE to make £1,000,000 available for budding young businesspeople in England. Applications for Start-Up loans are open now and there is no limit on the amount of loan except that it will be calculated according to the needs of the business. The typical loan term is three years, with an interest rate of 6% APR, which is fixed for the entire term of the loan.
The Start-Up Loans are about more than just the cash though. Young entrepreneurs that go through the application process will be guided every step of the way by mentors. They will have access to business surgeries, a startup helpline and an online resource centre to help you get your business plan in order. Successful applicants will also get two to six dedicated mentoring sessions and be able to tap into a wealth of expertise to make sure you get your business off on the right foot.
There is also a free copy of the Start-Up Loans kit, which offers all the guidance you need to start a business, plus more than £500-worth of offers on products from business cards to websites, netbooks and work suits.
And they will also be eligible to register for complimentary resources from a number of Start-Up Loans Global Partners, including Regus, PayPal, and Intuit.
Apply for a Start-Up Loan now by visiting www.facebook.com/nacue
START-UP LOANS FAQS
What are Start-Up Loans?
Start-Up Loans are aimed at young entrepreneurs who are looking for finance to start a business. We'll be lending a total of £1,000,000 and we aim to advance 150 loans by 31st March 2013.
When can I apply?
Now! We're accepting loans applications from 5th November 2012.
How do I apply?
You can apply for a Start-Up Loan by visiting facebook.com/nacue and clicking the 'Start- Up Loans' tab at the top of our page.
Am I eligible?
The main criteria state that you should be at least 18 years of age and younger than 25 at the time of applying, living in England and interested in starting a business.
I'm an International Student, living in England, between 18 - 24. Can I apply?
Yes, as long as your visa permits you to work in the UK, and your business plan is viable to allow you to repay your loan during the length of your stay.
What is the Application Process?
After you click 'Apply' and enter your name and email address, your application will progress to our loans partner, GLE.
Once you've registered and submitted your business idea, GLE will then organise a diagnostic call with a business mentor to discuss your idea, after which you'll have access to mentoring sessions, a startup helpline and resources to help you plan your business. When your plan is ready you'll pitch to GLE finance specialists who will decide whether to approve your loan.
How long does the application process take?
The process typically takes between 4 and 10 weeks.
How much can I borrow?
There is no cap on loan amounts applied for. We will not limit loan amounts, but will lend according to the needs of the business.
What kind of loan is it?
The Start-Up Loan is a personal loan.
If I receive a loan, what are the payback terms?
Our typical loan term is 3 years, with an interest rate of 6% APR, which is fixed for the entire term of the loan.
If I already have a business set-up, can I still apply for a loan?
Start-Up Loans are accessible to anyone who has a business in its initial phase - no existing debt and without the infrastructure to deliver. There is flexibility on this, and we take a positive view on offering loans to existing startups.
What else do I receive?
As well as the loan, business support and mentoring, you'll also receive a free copy of the Start-Up Loans kit, which offers all the guidance you need to start a business, plus more than £500-worth of offers on products from business cards to websites, netbooks and work suits. You'll also be eligible to register for complimentary resources from a number of Start-Up Loans Global Partners, including Regus, PayPal, and Intuit.
What is included in the Regus package?
Six months free access to Regus' Virtual Office Package and access to most of their business lounges across the world.
What is included in the Intuit package?
Two years of access to their online cloud accounting software.
What is included in the PayPal package?
From the PayPal group, we have three exciting offers:
PayPal Reduced transaction fees for six months (from 3.2% to 1.4%); eBay three months free eBay store and no insertion fees; Magento Go six months free e-commerce package
