Frequently Asked Questions .net



FAQFrequently Asked QuestionsWhether you’re thinking about applying for a Start Up Loan or have already received your loan, you may have questions about the process. Check out our FAQs by selecting your area of interest from the menu below, and if you’re still unsure don’t hesitate to get in contact so we can help.The LoanEligibilityThe application processBusiness partnersSupport and mentoringLoan repaymentsThe Start Up Loans CompanyDelivery PartnersNew Enterprise Allowance (NEA)The LoanIs 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.What type of finance is provided under the Start Up Loans scheme?Finance is provided by way of a personal loan which is regulated under the Consumer Credit Act 1974. This means, the loan is taken out in your name and not the name of your venture. The loan is repayable on a monthly basis for the duration of the term of the loan. The finance provided to you is not a grant.How much can I borrow?You can borrow between ?500 and ?25,000 at any one time, and a maximum of ?100,000 to a business in its lifetime, including the total finance lent to all associated business partners. If you successfully apply for a Start Up Loan, then after six months, you may be eligible to apply for additional finance for the same business in the form of a Second Loan. Find out more about Second Loans >>What is the average loan amount requested??Our average loan size is between ?5,000 - ?6,000, but of course the final amount ultimately depends on the needs of individual, the type of business model and how you intend to use the money.Why do charge interest on the loan?We charge interest because this finance is a loan, not a grant. We’re a government-backed scheme so all interest is reinvested in the scheme so even more individuals and businesses can benefit from this affordable finance and support. At a fixed rate of 6% per annum, the interest is designed to be affordable compared to other mainstream lenders and the flexible loan term of one to give years give us customers the ability to manage their monthly repayments in a way that makes most sense for them. Check out our Loan Calculator to figure out your potential total and monthly loan repayments.Are there any fees involved? 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. You will never be asked to pay anything, other than your monthly loan repayments if your application is successful.What’s the difference between a secured loan and an unsecured loan? A secured loan is one that requires a guarantor or an asset, for example a property (also known as collateral) to secure the loan. In the event that a secured loan cannot be repaid, the company issuing the loan may take possession of the property or call on the guarantor to satisfy the outstanding balance.In contrast, unsecured loans – like Start Up Loans - can be obtained without the use of a guarantor or collateral for the?loan. However, please remember you are still contractually obligated to repay your Start Up Loan, no matter what the circumstances. Failure to meet your monthly loan repayments may result in formal action being taken, and will detrimentally affect your credit file, so it’s important to talk to your Finance Partner as soon as possible if you think you may encounter any difficulties.Can I choose my loan term?Yes, you can choose a loan term between one to five years depending on your preference. No matter what loan term you choose, you will be required to make monthly repayments. Use our Loan Calculator to figure out your potential total and monthly loan repayments would be based on different loan terms.Are there any rules around how I spend the money?Start Up Loans are personal loans that are used to start a new business or grow an existing business that has been trading for less than 24 months. Your loan can be spent on a wide range of things related to your business, like equipment and stock, a premises or vehicle, marketing and promotional expenses to name just a few. It’s important to note, however, that you must be able to describe your intentions for your loan within your business plan and cash flow forecast and explain how this will help you start and/or grow your business. There are a few activities that cannot be funded with a Start Up Loan, including debt repayment, training qualification and education programmes, and hobbies or investment opportunities that do not form part of an on-going sustainable business. Please see our full eligibility criteria for more information on excluded business type and loan uses under the scheme. Can I only apply for one Start Up Loan??Every individual can only apply for a Start Up Loan for one business. However, if, after successfully securing a Start Up Loan, you later require additional funding in order to grow and develop that same business, you may be eligible to apply for a Second Start Up Loan. You would need to go through a new application process and must have made at least six months of full loan repayments prior to applying. In addition, your total outstanding loan balance cannot exceed ?25,000 at any one time. Please visit our webpage about Second Loans for more information on the full eligibility criteria and how to apply.Will applying for a Start Up Loan affect my state benefit entitlements??Unfortunately we’re unable to?give advice on state benefit entitlements. Please talk to your Job Centre Plus for information.Will the Start Up Loans Company provide the loan to me directly?The Start Up Loans Company administers the scheme, but does not directly provide loans to applicants. If your application is successful, your Loan Agreement and loan funds will be provided to you by either your Delivery Partner or one of our Finance Partners, including either Business Finance Solutions or Street UK Ltd. The partner that distributes your loan will be your main point of contact for discussing the terms of your loan and any other matters related to your monthly repayments. Does The Start Up Loans Company have a Sharia compliant offer?Yes, we offer a Sharia compliant finance product, which is independently administered through by our Delivery Partner, Financing Sharia Enterprise. Please visit our Sharia finance page for more information.EligibilityAre all types of businesses eligible for a Start Up Loan?Start Up Loans are designed to be used to start a new business or grow an existing business that has been trading for less than 24 months. While can support most business types, there are a few business types hat we are unable to support. Please visit our eligibility page for a full list of all excluded business types. My business exports goods internationally. Am I still eligible to apply?Yes, subject to three core factors. Your business must be a UK registered company and/or registered in the UK for tax purposes.The operational side of your business must be based in the UK.The majority of revenue generated by your business must also reside in the UK. How do I know how long my business has been trading?For the purposes of applying for a Start Up Loan, trading is defined as a business carrying out activities such as buying and selling goods, carrying on a trade or profession, providing services or be revenue generating on a consistent basis. If you don’t meet this criteria, then you are not likely to be classified as trading. Please note, if you have engaged in periods of ad hoc market testing or incurred expenses for non-revenue generating activities, these periods will not be included in your total trading time. Remember, to be eligible for a Start Up Loan, you cannot have been trading for more than 24 months. Please see our eligibility criteria page for more information or contact us if you’re not sure.Does my business need to be registered before I can apply?No, your business does not need to be registered in order to apply for a Start Up Loan.I am on a visa, can I apply?It depends on your visa. There are a range of visa that restrict an individual’s ability to work in the UK, whether based sponsorship, number of hours or the right to be self-employed. These visas include:Tier 1 visa (all categories)Tier 2 visa (all categories)Tier 4 (General) student visaTier 5 visa (temporary worker)Domestic Workers on a Private Household visaRepresentative of an Overseas Business visaFor the avoidance of doubt, individuals on an Ancestry Visa are eligible under the scheme, as are individuals with a visa with a restriction that states “no recourse to public funds”, provided those restriction do not fall under the above exclusions. If you are unsure whether your visa is eligible under the scheme, please contact us or refer to the Government website for more information about your visa type. Please note, if your visa types does fit our eligibility criteria, you will still be required to ensure that loan term you request in your application will enable you to fully complete your loan repayments at least six months prior to the expiry of your visa. For example, if you are on a four year visa, then the maximum loan term we could offer you would be 3 years and 6 months. I am an international student living in England aged over 18. Can I apply?It depends on your visa. If you have a Tier 4 visa, then unfortunately you are not eligible to apply for a Start Up Loan as self-employment is excluded under this visa. Similarly, if you have a Tier 1 (Graduate Entrepreneur) visa, you are not eligible for a Start Up Loan as the length of your visa does not fit our minimum loan term criteria.Can I apply for a loan if I’m currently on State benefits?Being on State benefits does not necessarily exclude you from applying a Start Up Loan, however we cannot provide individual guidance on state benefit entitlements. Please talk to your Job Centre Plus for information.Why won’t you lend to people who have certain credit issues?The Start Up Loans Company and its Delivery Partners are responsible lenders and it’s important to us that we don’t compound any existing credit issues that applicants may have by increasing their financial indebtedness.The application processI do not have a business idea yet. Can I still apply for a Start Up Loan?Unfortunately, the Start Up Loans scheme is designed to support people in starting up or growing their business, so although you don’t need to be trading in order to qualify for a loan, you will need to have a business idea in order to make your application. As part of the application process, you will need to submit a business plan and cash flow forecast. Don’t worry if you haven’t completed these yet - once you have registered your details and been assigned to one of our Delivery Partners for support, a business advisor can provide you guidance on completing these documents. We also offer a range of useful templates and guides that you might find helpful as you’re getting started. We recommend you apply at the point at which the finance will help you to launch your business and when you have the time to invest in creating your business documents. If you are only interested in an advisory support service at this point, we recommend you use the Government’s business support tool, which may be able to direct you to another service. Will I be charged for my application?No, you will never be charged to make an application for a Start Up Loan, nor do we charge any fees for the support we provide during and after the application process. The only thing you will ever have to pay is your monthly loan repayments if your application is successful. To report any suspicious activity, please contact us.How long does the application process take?As no two businesses are the same, we cannot give an average time period for how long your application will take. Customers who are highly prepared can take as little as two to three weeks, whether other customers require more support to complete these documents and can take two to three months. We try and put you in control of the process as much as possible, and the more prepared you are, the faster your application will progress. If you have a final or draft version of your business plan and cash flow forecast completed at the time of lodging your application, it will be easier for your Delivery Partner to get a sense of how much support you require in order to progress. We will always revert back to you within three working days, so the more responsive you can be, the sooner we’ll be able to help you move forward. Do you conduct credit checks?As part of your application, a?credit check?will be carried out to make a decision about products and services we can offer through our partners. Any credit check carried out will leave a footprint on your file which may be seen by other lenders. Whilst a low credit score will not necessarily prevent you from being eligible for a loan it is at the Delivery Partner’s?discretion as to whether they feel they can lend. Please note, your consent will always be obtained before conducting a credit check.What is a credit check and why do you do this? A credit check consists of information about your past and current financial behaviour. Banks, utilities companies, mobile phone contract providers, insurers etc. all file the information relating to any accounts you may have had with them, and when a credit report is run, it retrieves this information to give an overall snapshot of your transactions. As a responsible lender, we conduct credit checks in order to make sure our applicants can afford a Start Up Loan and to avoid increasing their financial indebtedness.Is it a personal credit check personal or a business credit check?Start Up Loans are personal loans so the credit check that we run is personal credit check.Will the credit check affect my credit score?The credit check will only affect your credit score if your application is successful and you draw down the loan. If you decide not to proceed with your application after a credit check has been completed, it will leave a soft foot print on your credit profile to reflect the fact that you made an application, but it won’t impact upon your score. The only exception to this would be if you had several credit checks run in a short period of time. To avoid this, we will only ever run one credit check in a three month period. After this point, you would need to have a new credit check completed. For this reason, we encourage you to start the application process when you intend to draw down your loan with in a three month period.Who will review my application and decide if I can have a Start Up Loan?Your Delivery Partner will review your application and make the lending decision. We provide a set of criteria to every Delivery Partner to ensure a consistent approach is followed across our network, however Delivery Partners will ultimately base their decision on the individual and the business plan.Why might my application be declined??There are a range of reasons why your application can be declined, and ultimately, every application assessments is based on the specific information related to the individual and their business plans. As a responsible lender, there are two key criteria we use to determine whether or not we can lend to an applicant. The first relates to an individual’s affordability (will you be able to commit to the required loan repayments?) and the second relates to the viability of the applicant’s business plans and cash flow forecast (will you be able to reasonably achieve all of the goals you have set out in your plans and is there a sufficient market for your idea?).Do I need a business bank account to receive this loan?No you don’t and even if you have a business bank account, you cannot receive your Start Up Loan via this account. Because a Start Up Loan is a personal loan, you will need to provide your personal bank account details to receive your Start Up Loan if your application is successful. I have applied for a Start Up Loan but have not heard anything?If you have not been contacted within three working days, please contact our Customer Service team, providing your contact details so we can support you in moving forward.Can I stop the process at any time before receiving the loan? Yes, you can withdraw your application at any point prior to receiving the loan. Once you have received the loan, there is a cooling off period of 14 days from the date of signing your Loan Agreement. If you decide you no longer want your loan during the cooling off period you can return the funds and you won’t be liable for any of the interest you have accrued. Refer to your Loan Agreement to confirm the details of your cooling off period. Please note that once your cooling off period has expired, you will be obligated to repay the full amount of the loan, including all interest. Business partnersCan my business partner apply too?Yes, multiple business partners for the same business can each individually apply for a Start Up Loan. We can lend a maximum of ?100,000 to any one business, which means that up to four business partners can borrow a maximum of ?25,000 each.Can I add my business partner to my application?You can’t add your business partner to your application as all applicants need to individually apply, even if the money is being invested in the same business. This is because Start Up Loans are personal loans invested in a business, and therefore we run a variety of checks related to your individual ability to afford, and pay back, your loan. However, you can both supply the same business plan and cash flow forecast as part of your applications.I have a business partner, is the credit check run under both of our names??No, because Start Up Loans are personal loans invested in a business, the credit check that we run is based on each individual applicant. Support and mentoringWhat support am I entitled to while I’m going through the application process?Our Delivery Partners are on hand to support you through the application process. They can give you advice on completing the application forms and what information you’ll need to include. They can also help you create your business plan, cash flow forecast and personal survival budget, whether you need help creating these from scratch or just want someone to review and sense check them. Because your Delivery Partner will also be assessing your loan application to determine whether or not you qualify for a Start Up Loan, their support will focus on putting you in the best possible position to succeed. It is important to remember that ultimately, you are responsible for your application and even though a Delivery Partner will do their best to support you, this does not guarantee you will qualify for the loan. Can you offer support with drafting my business plan and cash flow forecast?Yes, your Delivery Partner will be able to provide you with this support. Where possible, we encourage you to attempt drafting your plans first, using our free templates, as this will help your Delivery Partner get a better understanding of you and your business. But don’t worry, if you’ve never done this before and want some guidance before you get started, this is absolutely fine.What support will I receive if my application is successful?Once you have drawn down your Start Up Loan, you will be offered 1:1 mentoring. You are entitled to 15 hours of free mentoring across 12-months, but it is up to you and your mentor how frequently you meet. In addition to mentoring support, you will also be entitled to access to a range of exclusive business offers?from our Corporate Partners, including discounted offers, reduced rates and free giveaways on a range of leading business products and services.What is a mentor and how will it benefit me?A mentor is an individual with business experience who can provide you with support and guidance as you go about building your business. As exciting as it is, starting a business can also be both lonely and overwhelming, particularly in the early stages, so it can be very beneficial to have someone with experience, expertise and a different perspective, to talk with. A mentor will not tell you how to run your business; instead they will assist you in learning how to make plans and strategies that will enable you to make the right decisions for your business. Find out more information about our mentoring?programme.How will the mentoring support be delivered?This is up to you and your mentor. Some of our customers prefer to receive mentoring face to face, meeting up at an external venue like a café, while others are happy to receive a phone call, have a video conference over skype or correspond via email. You can discuss this with your mentor at your first session.Do I have to receive mentoring in order to get a Start Up Loan?We highly recommend that all of our loan recipients participate in mentoring, as most studies show a positive link between business survival and engagement with mentoring support. You are able to choose what amount of support will work best for your and how frequently you want to meet your mentor. We understand that sometimes life and business is busy but don’t underestimate how powerful this external guidance and support can be. How much support can I request from my mentor?You are entitled to 15-hours of 1:1 mentoring over 12-month.Will I continue to receive support if my loan goes into default?Yes, if you happen to go into default, you can seek support from your Delivery Partner or mentor but please note that you will also need to speak with your Finance Partner who manages your loan. Remember, it is not the Delivery Partner or the mentor’s responsibility to ensure that you keep up with your Start Up Loan repayments. Irrespective of your mentoring relationship, you are still responsible for paying back a Start Up Loan according to the agreed repayment plan that will be discussed during the application process.Can my mentor provide debt advice?No, your mentor is there to provide general guidance and cannot provide specific advice such as debt counselling. Please talk to your Finance Partner if you are concerned about missing an upcoming loan repayment, or have already missed a loan repayment, and visit our Loan repayments FAQ section for further guidance on external services that can also help.Loan repaymentsWhat if I change my mind and pull out of the business, can I pull out of the loan?No, because a Start Up Loan is a personal loan that is invested in a business, you are personally liable for full repayment of the loan, including all interest, even if you pull out of the business. The only time you can repay your loan without incurring any interest is during the 14 day cooling off period, directly after sign your Loan Agreement. During this period, if you decide you no longer want your loan you can return the funds and you won’t be liable for any of the interest you have accrued. Please refer to your Loan Agreement to confirm the details of your cooling off period. Do I still need to repay the Start Up Loan if my business ceases trading?A Start Up Loan is a personal loan and therefore you are liable for the full loan amount and interest repayments as per the agreement you signed, regardless of whether your business is trading or not.What is the repayment period for a Start Up Loan?You are required to make monthly loan repayments over a term of one to five years, depending on your preference. The exact loan term will be agreed as part of the application process.What should I do if I think I’m going to miss a loan repayment?You should contact your Finance Partner immediately and let them know your situation. It is always best that you speak to your Finance Partner if you believe you may not be able to make your next repayment rather than wait until the payment is missed.What happens if I default on my loan repayments?Our Finance Partners follow standard market practice when loan repayments are missed and take a fair and reasonable approach. If you fail to make a payment, your Finance Partner will attempt to contact you to determine the reasons for the payment being missed. They will also work with you to come to a reasonable and fair agreement about how you will address this and fulfil your obligations in the future. This will be followed up with an email and/or letter stating that a repayment(s) has been missed and outlining what needs to be done to remedy the situation. If your Finance Partner is unable to contact you after repeated attempts, they may then look to recover the outstanding payments through various means such as, but not limited to, issuing a CCJ or referring the case to an approved Debt Collection Agent. If you’re unsure who your Finance Partner is, please check your Loan Agreement.I think I’m experiencing financial difficulty and need help managing my finances. What can I do?Don’t worry, there are plenty of free and impartial debt advice organisations willing to help. The Start Up Loans Company works closely with a major debt charity, Money Advice Trust, who offer the following services:The national debt line:?Debt advice experts who are committed to helping individuals improve their situation. Millions of people have already received support managing?their debts.The business debt line:?A unique service to help the self-employed and small businesses managed their debts.Other sources of free and impartial debt advice are set out below:The Money Advice ServiceCitizens AdviceStep ChangeWhile your Delivery Partner is able to provide support and guidance on your business and Start Up Loan, they cannot provide independent debt advice. This should be sought from the above organisations.*Please note:?The Start Up Loans Company does not endorse any debt management companies who charge fees for debt advice or debt management payment plans. Please contact us immediately if you’ve been approached by any such company.I have received a Notice of Default from?my Delivery Partner or Finance Partner. What should I do?It is important that you respond to any notices of missed payments as soon as possible. Full contact details will be provided on the notice you received. What happens if I do not respond to notices of missed payments or fail to keep up with my repayments?It is important that you respond to any notices you receive and keep up to date with your loan repayments. Like any regulated consumer finance product, not meeting required loan repayments may result in one or more of the below actions against you:Credit Reference Agencies may be notified of any outstanding amounts, which may affect your credit rating and ability to obtain goods, services or particular forms of employment.A third-party collection agency may intervene to help recover any outstanding amounts.Legal proceedings including, but not limited to, a County Court Judgement may commence.I’ve received correspondence from Rossendales Collect. What should I do?Please contact?Rossendales Collect?immediately using the details they provided to you. Until further notice, they will be overseeing your loan by helping you to work out your regular repayments or signposting you to relevant external advice. Please note that in most cases, once Rossendales Collect has intervened in the process, The Start Up Loans Company and our Delivery Partners will be unable to comment further about your loan.Delivery PartnersWhat is a Delivery Partner?The Start Up Loans Company works with a network of Delivery Partner organisations, who support Start Up Loans applicants in all regions and industries throughout the UK. Our Delivery Partners are organisations that specialise in supporting new and existing businesses. Their role is to provide guidance to applicants in developing a business plan and cash flow forecast, make the loan decision and provide ongoing support and mentoring to Start Up Loan recipients. All Delivery Partners are closely monitored by the Start Up Loans Company to ensure a consistent approach and loan decisions across the network. View the list of all the Delivery Partners?that we work with.What a Finance Partner?Our Finance Partners are the organisations that actually administer the finance to successful applicants once approved by a Delivery Partner. Our two Finance Partners are Business Finance Solutions and Street UK. If your Start Up Loan application is successful, you will be sent a copy of your Loan Agreement, which includes your Finance Partner’s full contact details. You can contact them at any point after this for information on your loan status or repayment schedule. All of our Finance Partners are closely monitored by The Start Up Loans Company to deliver a consistent approach to supporting applicants across the network.Can I choose my Delivery Partner?You will be given the opportunity to select your preferred Delivery Partner from a drop down menu when you register your interest for a Start Up Loan. If you do not select a Delivery Partner when you register your interest online, your application will be passed to the relevant Delivery Partner dependent on your location or industry.Please remember that although the format may vary, all of our Delivery Partners can offer the same help, advice and guidance, and all loan decisions are based on the same criteria and terms no matter what Delivery Partner you’re with.Can I change my Delivery Partner?Once you have been allocated to your Delivery Partner you will not be able to transfer to another partner. If you have a preference, you must decide before filling out our online registration form and indicate which Delivery Partner you wish to work with by choosing from the drop down menu.My application was declined by my Delivery Partner. Can I reapply through another Delivery Partner?No, because our Delivery Partners follow a set lending policy, if you are declined by one Delivery Partner you will not be able to apply with another. If your circumstances change or you believe you have addressed the concerns that were raised in your initial decline letter, you can get back in touch with your Delivery Partner who has the ability to reassess your application.The Start Up Loans CompanyWho is the Start Up Loans Company?The Start Up Loans Company was established in September 2012, with a mission to help new and early stage UK businesses access affordable finance and mentoring support to start and grow. We’re a government-backed scheme, supported by the British Business Bank, that’s designed to support businesses who are unable to access other forms of finance.What is The Start Up Loans Company’s connection to the Government?The Start Up Loans Company and loan fund is government-backed and supported by the British Business Bank. Although we are independently managed, we are ultimately accountable to these bodies.What is the registered address for?The Start Up Loans Company?Registered Office Address: (Companies House)The Start-Up Loans Company 71-75 Shelton StreetCovent GardenLondonWC2H 9JQBusiness Address: (Business Mails)The Start-Up Loans Company 71-75 Shelton StreetCovent GardenLondonWC2H 9JQNew Enterprise Allowance (NEA)What is the New Enterprise Allowance (NEA) scheme??The NEA scheme is a business support programme offered by the Department of Work & Pensions (DWP). It aims to help those claiming certain unemployment benefits to become self-employed. If you are accepted onto the NEA scheme, you may receive a weekly allowance worth ?1,274 for up to 26 weeks. In addition to this, you may be eligible to apply for a low-cost loan through the Start Up Loans scheme.Please note, although The Start Up Loans Company works closely with the NEA scheme, and both schemes are dedicated to supporting individuals to tart their own business, they are separate entities.What is the difference between an NEA-referred Start Up Loan and a regular Start Up Loan??In terms of the loan product itself, there is no difference between in the terms of a Start Up Loan and an NEA-referred loan, except that most NEA participants can only borrow between ?500 – ?2,500. If you wish to apply for a higher value loan your NEA Delivery Partner can provide you with more information on the requirements. The loan term is still one to five years, and the interest rate is fixed at 5% per annum.Additionally, the way in which customers apply for Start Up Loan is different for NEA participants and non-NEA participants. NEA participants cannot apply directly via the Start Up Loans website, instead you will need to talk to your NEA Mentoring Provider.How do I apply for a Start Up Loan through the NEA scheme??The first step is to speak to your local Jobcentre Plus who will be able to advise you on the eligibility criteria for NEA participants. If you are eligible to apply, you will be assigned to an NEA Mentoring Provider in your area who will work with you for a period of eight weeks to produce a business plan. These providers are not part of the Start Up Loans scheme. They work under the Department of Work and Pensions (DWP) to deliver this support.At the end of the eight weeks your NEA Mentoring Provider will assess the viability of your business plan. If they believe the business to be viable, they will approve your business plan and you will be eligible to begin claiming the weekly allowance. Please consult your Jobcentre Plus advisor for more details on this.Clients who have participated in the NEA scheme and had their business plan approved will also have the opportunity to apply for finance through the Start Up Loans scheme. To apply for this loan, you must work with a designated Start Up Loans Delivery Partner that covers NEA participants in your area. Your NEA Mentoring Provider will be able to refer you to the appropriate Delivery Partner. These Delivery Partners have strong historic ties to the NEA scheme and a proven track record working with NEA participants to apply for a Start Up Loan.Can I apply for a Start Up Loan through your website if I am taking part in the NEA scheme??No, there is a different application process for NEA participants and you’ll need to speak with your NEA Mentoring Provider in order to start the application process. When you reach the correct point in your NEA journey your NEA Mentoring Provider will give you a web link with further instructions about how to apply.Can I apply for finance through any Start Up Loans Delivery Partner if I am taking part in the NEA Scheme??No, you must apply for your loan through one of our approved NEA Delivery Partners and your Delivery Partner is determined based on the region you live in. Your NEA mentoring provider will refer you to one of our NEA Delivery Partners once they have approved your business plan. Our NEA Delivery Partners are:GLEBusiness Finance SolutionsFive LampsLet’s Do Business GroupMy business plan has been approved by my NEA Mentoring Provider. Does this mean I have been approved for a Start Up Loan??No. Your Start Up Loan application is separate to your NEA business plan and takes into account whether a loan is appropriate for you and your business. Once your NEA Mentoring Provider has approved your business plan and you have been referred to your NEA Delivery Partner, you will commence the Start Up Loan application process. You can use your existing business plan as part of this process, but a credit check will need to be completed and you may be required to provide extra documentation before a decision can be made on your loan application.I wish to apply for a Start Up Loan through the NEA scheme. When should I sign on to the NEA allowance??The NEA allowance is managed separately by Department for Work and Pensions (DWP). You will start receiving the allowance when you start trading. For more information as to when you should start trading and sign on to the allowance, please consult your Jobcentre Plus advisor.Can I apply for a Second Start Up Loan if I have received an NEA-referred loan??If you find that you need more finance to help grow and expand your business once you’ve started up, you can apply for a Second Loan, subject to meeting the eligibility criteria for Second Loans. Your Delivery Partner can provide you with more information on how to apply for a Second Loan.If I have previously been declined for a Start Up Loan, can I still apply to participate in the NEA scheme?Yes, you may apply to the NEA scheme if you have previously been declined for a Start Up Loan. You will need to discuss whether you are eligible for the NEA scheme with your Jobcentre Plus advisor. Please be aware, even if you are accepted on to the NEA scheme, there is no guarantee that if you lodge a Start Up Loan application in the future that it will be approved.If I am declined for an NEA-referred loan, can I reapply for a Start Up Loan through another Start Up Loans Delivery Partner??No. It is Start Up Loans policy that all customers who are declined must re-submit their application through their original Delivery Partner if you want it to be reconsidered. In these instances, you will likely need to do some additional work on your application in order to address any areas that caused the application to be declined in the first place. Please consult your Delivery Partner for more information. ................
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