If you’re considering creating a start-up, you NEED to know about this government-funded programme which gives loans to young entrepreneurs.
One of the biggest challenges when starting a start-up is finding the money to get it off the ground, whether that comes from family, investors, crowdfunding or loans.
The aptly named Start Up Loans is a great option for young people starting small businesses. The scheme offers funding to help you start your business up to a maximum of £25,000 and anyone aged 18 and over living in the UK can apply. They work with dozens of delivery partners around the country, like Virgin StartUps, and they’ll even set you up with a mentor to help guide you.
Here are five successful young entrepreneurs who got their start with a small loan.
Frankie Snobel started her cocktail mixology company Tipplesworth with loan funding. She sells handmade, vintage-style cocktail cases filled with everything you need to make the perfect drink. They’re now sold in places like Fortnum & Mason and John Lewis.
2. Pip & Nut
Pippa Murray created Pip & Nut, an ethical food brand, with the help of Start Up Loans. Her sugar-free, palm oil-free nut butters were first sold at Maltby Street Market, but have since become available at Selfridges, among other shops.
3. The Cornwall Camper Company
Jess Ratty’s The Cornwall Camper Company provides beautifully restored VW Camper vans for luxury roadtrips around the southwestern UK. They come as part of all-inclusive packages and activity weeks like surfing, biking and horse riding.
4. Claudi & Fin
Mums Meriel and Lucy launched their frozen yogurt lolly business, Claudi & Fin, named after their children. Their healthy lollies are now stocked in nearly 700 stores across the UK and Ireland, including Sainsbury’s and Waitrose.
5. Powerful Organic
Nisa Mendez started a new online department store called Powerful Organic for high-end organic food, clothes and beauty products. She’s aiming to make it the Selfridges of organic goods.