Virgin Money and Virgin Unite have joined the Start Up Loans Company, launching Virgin Startup, a not-for-profit organisation and are offering loans to eligible entrepreneurs throughout the UK. One key thing to remember is that these loans aren’t just for start-ups. If you’re 18 – 30 and your business is still under one year old, you are also eligible for a loan of up to £25,000. That’s a substantial amount that could add to your seed fund to get your business to the next level.
Lots of the promotion around the government’s Start Up Loans Company is all around pre-startups with an idea or a business plan at least. However, what’s being massively overlooked and undersold is the fact that as long as your business has been registered and trading for less than 12 months, you’re also eligible to apply for a loan. What’s more is you should be in with a good chance to prove your business concept if you’ve been trading for that period of time.
Check out the website http://www.virginstartup.org/ and let us know about your success in obtaining a loan. We welcome your feedback.