This is available to individuals or businesses that are looking to start, or have recently started trading. If you are looking for over £25,000 and have some of your own funds to invest, we can provide a loan of up to £100,000.
We are also an Affiliate member of the Start Up Loans Scheme, a UK-wide, government backed scheme, which offers a repayable loan to individuals over the age of 18 who have a viable business idea but no access to finance.
You can apply for a Start Up Loan here. However, please also contact the MSIF Finance Hub, who will be able to advice and support before you submit your application. The Finance Hub is a free service, available to all start up loan applicants.
The scheme funds businesses in every sector. As well as financial backing all loan recipients are given access to a mentor, free training events and exclusive business offers.
MSIF is part of a network of Start Up Loans affiliate members. The MSIF Finance Hub are here to guide you through the application process, including advice and support with creating a business plan and cashflow forecast.
Loans start from £500 and can be used to set up a business across all sectors. In addition to finance, all successful applicants can access free mentoring and support services to help grow a successful business.
Applicants can be in employment, unemployed or in full time education and can be setting up a new business or already running a business that has been trading less than 24 months.
If a business is being set up or run by more than one eligible individual, each party can apply for a separate loan.
Interest rates are fixed at 6% for the duration of the loan and a capital repayment holiday can be agreed. Other benefits include no early repayment penalty, no fees payable and no collateral security.
*The Start Up Loans Company does not provide grant-based funding. Meeting Monthly repayments form a primary condition of the loan agreement applicants accept and sign.
*Like other credit commitments, failed Start Up Loan repayments may affect an applicant's credit record and formal action may commence against the applicant for missed loan payments.
Find Out More:
To find out more and apply, please click here.
How To Apply:
If you are looking for a start up loan please contact the MSIF Finance Hub on 0151 236 4040.