Let’s Do Business Finance discusses the availability of Start Up Loan financing, dispelling the myth that it is only for businesses at their very beginning, and educating on how it is empowering businesses to take the next growth step

In today’s fast-paced business landscape, start-ups and small businesses are often unaware of, or struggle to secure, the necessary funding to take their ventures to the next level. However, entrepreneurs need not fret, as there is a valuable lifeline available in the form of start-up loans. These loans have become a vital resource for fledgling businesses, offering financial assistance to those trading under three years, propelling them towards success and growth.

Start-up loans have gained popularity in recent years due to their potential to fuel economic growth and support innovation. Offering loans of up to £25,000 per applicant, the primary distinguishing feature of start-up loans is their accessibility to businesses that have been trading under three years old. Unlike traditional loans, which often demand an established track record, start-up loans acknowledge that early-stage businesses require support during their crucial formative years. Offering the facility for businesses trading for up to three years, provides businesses looking to achieve growth in their early years access to capital to help them succeed.

This accessibility extends to a broad range of industries and sectors. Whether it’s a technology start-up, a creative venture, or a retail business, as long as the business has a clear plan and potential for growth, it stands a chance to secure a start-up loan. There is also a lot of freedom for the use of the funding which can include things such as equipment purchases, office space, marketing campaigns, and hiring essential personnel. By easing the financial burden during the early stages, start-up loans allow entrepreneurs to focus on building a strong foundation for their ventures.

Beyond the initial launch, start-up loans continue to be valuable assets for businesses looking to scale and expand. Many start-ups face cash flow challenges during the growth phase, making it difficult for them to invest in new opportunities or hire more employees. With a start-up loan, these businesses can access the capital needed to seize growth opportunities, enter new markets, and strengthen their market position.

Apart from the financial aspect, start-up loans come with added benefits. Many lenders provide mentorship programmes, business advisory services, and networking opportunities to aid entrepreneurs in their journey. The Start Up Loan Scheme itself also provides a comprehensive post loan mentoring and support programme to all successful loan recipients. This invaluable support can prove decisive for start-ups seeking guidance and expertise from seasoned professionals who have traversed similar paths.

Let’s Do Business Finance is an accredited business support partner of British Business Bank, and is the Start Up Loan providers for the South East region. A huge advocate for Start Up Loans, it recognises the importance of supporting young businesses and the positive impact they can have on local economies. Having helped hundreds of applicants and approving £4.7million in Start Up Loans in 2022, the company is delighted to be an integral part of each journey, whether that be an entrepreneur just getting started or a more seasoned business owner looking for that next step to growth.

Success story

A recent success story, includes forward thinking entrepreneur Eleanor Ward from Chichester, West Sussex, who secured £25,000 in funding from Let’s Do Business Finance under the Start Up Loan scheme to bring her idea for her company ‘SplashRobe’ to life. Up until 2020, Ellie had been a solicitor – but after having a baby and losing her mother that year, swimming transformed into a way to process her grief and find a new identity. She decided to follow her instincts with her earlier thought of creating a product that she, her fellow swimmers, and lots of other people could use and enjoy – a new, innovative type of changing robe.

Start Up September

To recognise entrepreneurism and the Start Ups of the South East, Let’s Do Business Finance and its wider group is, for a third consecutive year, running ‘Start Up September’. The Start Up September campaign, which saw huge success in 2022, highlights the range of support available for start up businesses and entrepreneurs and celebrates start-up successes. For the whole month, Let’s Do Business Group will be signposting businesses for support as well as offering free workshops, and consultations on topics such as strategy, planning, financing and marketing.

To take part, visit www.letsdobusinessgroup.co.uk/start-up-september and keep on eye on its social channels.

To find out more about how a Start Up Loan can help your growing business visit www.letsdobusinessfinance.co.uk/lets-start-up but our support doesn’t end there! If you are a more established business looking for growth funding, get in touch, we have a range of products that can help!