What is a Start Up Loan?
A *Start Up loan is a type of financing designed specifically for new businesses. It provides capital to cover initial costs, such as equipment, inventory, marketing, and operating expenses.
Who can apply for a Start Up loan?
Generally, anyone with a viable business idea or an existing Start Up looking for funding can apply. However, eligibility criteria may vary depending on the lender and your location.
How much funding can I get for my Start Up?
The amount of funding you can secure depends on factors such as your business plan, credit history, and the lender's policies. Our loans range from £500 - £25,000.
What can I use the Start Up loan for?
You can use the loan for various business-related purposes, including purchasing equipment, hiring employees, marketing, working capital, and more. However, it's essential to discuss the specific use of funds with your lender.
Is a Start Up Loan a grant?
No. A grant is a non-repayable fund provided by an individual or an organisation for a particular purpose, whereas a Start Up Loan must be repaid in full over an agreed term of one to five years.
Are there any fees involved in applying for a Start Up Loan?
No, there are no fees involved in either applying for or receiving a Start Up Loan, and no fees for the support we provide during and after the application process. Other than your monthly loan repayments, you will never be asked for any fees or other payments.
What documents do I need to apply for a Start Up loan?
Typical documents may include a business plan, financial statements, personal and business credit reports, tax returns, and any other relevant financial documents. Lenders will specify their document requirements.
Can I get a Start Up loan with bad credit?
While it can be challenging to secure a *Start Up loan with bad credit, it's not impossible. Some lenders specialise in providing loans to individuals with less-than-perfect credit. Be prepared to pay higher interest rates and provide collateral in such cases.
How long does the application process take?
The application process duration can vary widely depending on the lender, your readiness with required documents, and the complexity of your business plan. However, at GC Business Finance we provide unrivalled pre-application support to ensure you receive your funding as quickly as possible.
Can I repay the Start Up loan early without penalties?
Many lenders allow early repayment without penalties, but it's essential to review the loan agreement to confirm this. Paying off your loan early can save you on interest costs.
What happens if my Start Up fails, and I can't repay the loan?
In the unfortunate event of business failure, you are still responsible for repaying the loan. Depending on the terms, you may have to use personal assets as collateral, and defaulting can negatively impact your credit.
Ways to make a complaint
We’re sorry you’re not happy. Get in touch and we’ll sort it out for you. You can quickly and easily tell us about your complaint online.
If you have a general enquiry, you can contact us on Live Chat. Just let us know which product or service you’re unhappy about, and we’ll put you through to one of our team.
Alternatively, please email our complaints team complaints@b-f-s.org.uk
How do I activate my account?
To access the customer portal, you’ll first need to activate your account. When your loan is approved, you’ll receive an onboarding or loan confirmation email containing a secure link. Simply follow the link to set your password. Once your account is activated, you can log in via our website anytime.
How do I log in to the portal?
You can log in using your registered email address and the secure password you set during activation. You may also be asked to enter your loan reference number. If you're unsure which details to use, refer back to your onboarding email or contact our support team for guidance.
Where can I view my current balance and loan statements?
In the ‘View Statements’ section on the self-service portal, you can access both your annual statements and the most up-to-date loan information. This gives you a clear, real-time view of what you owe, what’s been paid, and what’s coming up next.
Can I pay off my loan early?
Yes – via the Customer Loan portal, you can view your final settlement figure and make a one-off payment to close your loan.
Where can I find my loan agreement?
To review your agreement, simply click on ‘View CCA Loan Agreement’. From there, you can view and download a copy of your Consumer Credit Agreement at any time.
What if I’ve missed a payment?
If you've missed any payments, the ‘Notices of Arrears & Defaults’ section will show any formal notices issued. You’ll be able to view and download these for your records.
Can I make a one-off payment if I'm in arrears?
Yes. The ‘Pay Arrears’ section displays your outstanding amount and provides guidance on how to resolve the balance. You can also make a quick and secure one-off payment directly through the portal.
How do I update my personal details?
To change your phone number, address, or email, head to the ‘Personal Details’ section. Keeping your contact information up to date ensures you don’t miss important updates.