Business Start Up Loans to receive extra boost from high street banks
Entrepreneurs applying to take part in the government’s Start Up Loans scheme will soon be given access to additional funding from high street banks, with Santander being the first to sign up to the new scheme.
For businesses to qualify for this second phase funding they need to have demonstrated “growth and promise, with a minimum of 6 months of trading”. Entrepreneurs can apply for up to £25,000, with the lending criteria being “relaxed” for Start Up Loan scheme participants.
This new additional funding, although currently only being offered by Santander, is said to be rolling out to a number of other high street banks in the coming months.
The Start Up Loans scheme is a government backed project which offers entrepreneurs loans as well as mentoring. According to official figures in the last 11 months the Start Up Loans scheme has provided this funding and mentoring to over 8,000 entrepreneurs.
James Caan, Chairman of Start Up Loans, commented on the announcement, saying: “Second-phase funding from Santander recognises the great progress the Start Up Loans Company has made in stimulating entrepreneurship and start-ups in this country.
Their commitment enables our entrepreneurs to graduate into the more traditional lending routes, previously closed off to budding young entrepreneurs, demonstrating the powerful role that Start Up Loans play in creating a new generation of entrepreneurs.”
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