Granting new businesses a helping hand
IT has been said that the best time to launch a business is in a recession. But that’s often the most difficult time to persuade banks to help finance new ventures.
Now help is at hand from BizBritain, which is actively looking for new businesses to support with government loans.
The government’s StartUp Loan Scheme was conceived in 2012 and BizBritain became a delivery partner the following year.
Loans of up to £25,000 are available at a low interest rate and repayable over up to a five-year term.
BizBritain was launched by young entrepreneur Matt Gubba whose mission is to show that you can run a successful business whatever academic background you come from.
Having had success in helping businesses in cities such as London and Birmingham, he has now turned his sights on his home county of Buckinghamshire in a bid to help new businesses take those first steps to success.
He said: “While you don’t necessarily find the technology start-ups that you’d find in London in the South Bucks area, there is a good entrepreneurial spirit here and a lot of sole traders.
“I think the economy is showing good signs of recovery now and launching a business in this economic climate teaches you to be careful with your finances, which puts you in a good position.
“I would encourage people who dream of running their own business to come and have a go.”
There are very few conditions on applying for a grant under the StartUp Loan Scheme: you must be resident in the UK and aged over 18, you must have the intention of your business making a profit and intend to pay the loan back.
BizBritain can guide you through the process of applying for the cash and offers mentoring and training for business startups.
“Think of it like a student loan to help prospective business owners get started,” said Mr Gubba.
“The government has put aside a big pot of money and BizBritain’s role is to help with the flow of funds to new businesses.”
Further information is available by visiting www. bizbritain.org.
SUPPORT FOR STARTUPS: Matt Gubba can help with that loan to help you set up in business