The StartUp Loans scheme by UK government was originally aimed at young entrepreneurs, but now, there’s no age restrictions. Any entrepreneur with an awesome business idea can apply for loans of up to £25,000 which needs to be repaid over terms of up to five years, with interest payable at 6% a year.
The Startup Loan Scheme is not just about money lending, but successful applicants get free business advice along, which is crucial, especially for first time entrepreneurs.
Enterprise Allowance scheme is another great scheme to mention. This one is aimed at people currently receiving Jobseekers' Allowance, or lone parents on income support. If your idea qualifies, you’re entitled to an allowance payable over 26 weeks and worth up to £1,274. The scheme includes business mentoring as well.
There are many other government and non-government grants and loans on local level as well as industry specific, i.e. science, research, technology etc. Here you can find a big list of small business and startup grants and loans for UK.
All you need is to have an awesome business idea. If you’re not sure, you may want to check this list of 1000 small business ideas.
Have a great idea and you’ll find multiple funding options, like organisations such as The Prince's Trust, offer support to young entrepreneurs, while many local authorities have schemes aimed at start-ups in their area. In some sectors, blue-chip companies will help with finance for small businesses. The website Businessfinanceforyou.co.uk provides a comprehensive listing of these schemes.
Also, check if your start-up is eligible for the Seed Enterprise Investment Scheme(SEIS). If so, investors in your business could claim generous tax reliefs on funding of up to £100,000 each, making it easier to attract them. To qualify, your business must have been trading for less than two years.
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