YourBusinessWithJamesCaan2016 - 37

LOANS

of women (39%) and 44% of our
customers were unemployed before
coming to us for funding.
What are the most common type of
businesses coming to see you?
The sector we have funded the most is
hair and beauty, this could partly be due
to the low start-up costs and few
barriers to entry.
Which businesses have been the most
successful so far?
CEO Tim
Sawyer's mission
is to help small
businesses

We have supported a number of high
profile businesses, including two mums
who started a frozen yoghurt lolly
business in their kitchens. Their products

START ME UP

are now stocked in all major

START UP LOANS IS A
GOVERNMENT INITIATIVE YOU
NEED TO BE AWARE OF. ITS AIM
IS TO PROVIDE ADVICE, LOANS
AND MENTORING TO NEW
BUSINESSES (UNDER TWO YEARS
OLD). CEO TIM SAWYER
EXPLAINS MORE

was an A-level student who started a

supermarkets across the UK. And there
technology business that employs over
50 staff. Not everyone, however, wishes
to be the next Dragon - for many of our
applicants starting a business is
about a lifestyle choice.
Start Up Loans is much more than just
a loan - can you explain the mentoring

What's the history of Start Up Loans?

service you offer too?

The Start Up Loans Company was

We want to ensure our customers have

established in September 2012, when

every chance of succeeding. Whether

the government decided that self-

they are just starting a business, or

employment was rooted in the British

already trading, all our loan recipients

mindset and should be thought of as a

are given access to a free expert

viable career path to lead to more jobs.

business mentor for the first year after

Our mission is to ensure the provision of

taking their loan.

affordable finance, free mentoring and
support for those who cannot obtain

What is the loan rate and how long do

funding from alternative sources.

you have to pay it back?

PHOTOGRAPHY: SHUTTERSTOCK

Our loans are at a fixed rate of 6% and

money for a longer period than a bank
and they are likely to look at you more
kindly than a bank if you have a poor
credit rating.
On the downside, non-bank lenders
will usually expect some security. It
could be from a personal guarantee,
that someone else guarantees the loan
for you or that you take out loan
repayment insurance.
There are sharks out there so do
make sure you borrow from a reputable
lender on the Financial Services
Register. Check out cfa.org.uk/register
for peace of mind.

How many businesses have you helped?

are repayable between one and five

More than 41,000 as at the end of

years. The exact terms of the repayment

August 2016. We back on average 28

are worked out case by case.

businesses per day.
What would your advice be to
How has Brexit affected the numbers of

someone who was looking to launch a

people starting new businesses?

business and needed some funding

It's too early to say. With so many

from Start Up Loans?

questions over it, we might expect more

If you're looking for funding to start your

people to turn to us for support.

business venture, you need to make sure
you have a viable business idea and

What sort of people apply for a

demonstrate this with a strong business

start-up loan?

plan and cash flow forecast. There's lots

There isn't a typical customer, we are

of useful stuff on our website, including

open to anyone over 18 and cover nearly

templates, guides and advice:

all sectors. We lend to a high proportion

www.startuploans.co.uk

37


http://www.startuploans.co.uk http://cfa.org.uk/register

YourBusinessWithJamesCaan2016

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