- Business Support
- New Business
The loan funding that X-Forces can access on your behalf is from a government scheme called "The Start-Up Loans Company."
On delivery of a good quality Business Plan, which we will help you with, you can access up to £25,000. £25,000 should not be your target – only borrow what you need because a loan is not free money, and the more that you borrow, the more that it will cost you and the more you will have to repay.
The loan is a personal, unsecured loan – in other words it is not tied to your house, or car or business.
The APR (the interest you pay every year) is 6.19% fixed, and you can borrow the money for up to 5 years.
The loan can be split between more than one person, as long as these people are going to be working in your business.
You will be credit checked – but not credit scored – so a bad credit rating does not necessarily matter. You will get asked questions about previous debts, County Court Judgements, Individual Voluntary Arrangements and whether you can afford to pay back the loan.
However this does not need to be a problem – as long as you are honest and can demonstrate that you have tried to pay off your debt, and have or will have arrangements in place, you could still get a loan