How a Start-Up Loan could help your business
How a Start Up Loan could help your business
Start Up loans for businesses have been around since 2012 but last month marked a milestone as the 75,000thloan was made. In that time just under 5,000 of these Government-backed loans were issued to small businesses in this region – and while the average sum borrowed here is just over £8,000, a total of more than £41million has been paid out in the East of England by the Start Up Loans Programme.
MENTA offers opportunities to help people in Suffolk looking to start or grow their business in this way. Working with partner organisations to deliver the funding, we’ll support you during the process. Our business advisors are always happy to help you explore the loan or grant option that’s right for you and your business.
Since the pandemic started in the UK, there’s been a significant rise in the number of Start Up Loans issued. Between May and July this year almost £32million was drawn down – an increase of nearly 40% on the same period last year.
For local entrepreneurs MENTA has partnered with Transmit Startups to deliver this scheme. The loans are unsecured personal loans that can only be used for business purposes. Sums available range from £500 to £25,000 over a loan term of between one and five years with a fixed annual interest rate.
It’s easy to apply online by visiting the funding and loans area of the MENTA website. We will help you through the application process including advice on drawing up your business plan and cashflow forecast. There are no fees attached to a Start Up Loan or any of the associated services.
If you are 18 years or older with a viable business idea but no access to finance and your business is either not yet trading or not more than two years old, MENTA can help you take the next step of your journey.
Start-up information can be found here
Please speak with us for more detail by emailing 121@menta.org.uk
