Welcome to Financing Start Up Enterprise, part of the Financing Enterprise family. We’re here to help you start your own business. Tell us about yourself, and your idea HERE
As a trusted delivery partner of The Start Up Loans Company we have helped more than one thousand businesses start up or expand existing trading throughout London and the South East. More information about how the scheme started, plus nationwide news and resources can be found here.
Start Up Loans Fraud Alert
“We have been made aware that someone is making “cold calls” and claiming to be the Start Up Loans Company, even using our London address to try and convince people of their authenticity. Their aim is to defraud and we are, of course, conducting a thorough investigation. The Start Up Loans team do sometimes call loan applicants and recipients to gather feedback on the programme, but we would not ask for payment of any kind. Please be vigilant and, if you do have any questions or concerns, please do not hesitate to contact us at firstname.lastname@example.org”
Start Up Loans are available to businesses yet to launch or those that have been trading for up to 12 months, although in certain circumstances this may be extended to 24 months. The scheme provides free business planning prior to lending any monies ensuring applicants are in the best possible position to receive funding. Once an individual receives their repayable loan they will also be given access to an expert mentor, free training course and business offers.
Lord Young, Godfather of the scheme, identified that if entrepreneurialism was as entrenched into the British mentality as it is in the United States, we would potentially have 900,000 more jobs across our country. With the job market still tough, self-employment is being seriously considered as a viable career path.
With this logic in mind, The Start Up Loans programme was created within The Department for Business, Innovation and Skills, which is headed up by The Secretary of State Vince Cable. It was designed to go some way to help solve the problem of supporting people who have a feasible business idea but no access to finance. With a view to providing a robust SME sector of tomorrow, The Start Up Loans programme aims to equip enterprising individuals with the tools needed to make their businesses a success.
In May 2012, Lord Young approached James Caan to take on the role of Chairman of The Start Up Loans Company.
Start Up Loans do not work alone however, and it is here that Financing Start Up Enterprise fits in, as a delivery partner for the scheme we handle applications from start to finish and then ensure that any money which has been lent is repaid in line with the original agreement.
So far the schemes success speaks for itself. By the end of the pilot period in March 2013, The Start Up Loans Company had exceeded all expectations, finishing under budget yet over target. Securing further funding from Government indicated both the appetite for being self-employed and the feasibility of the scheme.
So now you know about the scheme itself you're probably ready to find out more about the process we put our applications through.
Obviously not every application is the same, but below is an example of how we try to frame each case that comes to us. Below is a step by step guide on how you should start and how your application will be treated by us
Financing Start Up Enterprise is part of a national campaign to help people who are determined to start a business, by providing loan finance and a wide-ranging menu of advice and support.
Do I Qualify?
To qualify for support from Financing Start Up Enterprise you must be either starting a new business or in your first two years of trading. Some other terms and conditions apply. You can apply for a loan whether you are employed, unemployed or studying at the time of application.
We regret that you may only use one Start Up Loans provider, so if you have already received a loan from an alternative delivery partner, we will be unable to help you – please give us a call if you are unsure.
What do I get?
If you can convince us that you have a good idea and a viable business plan and you meet the terms and conditions of the programme, you will be able to borrow enough money to start your business. This can be repaid over a period of up to five years, on which you will be charged interest of 6% per annum (6.2%APR).
You can also get advice, assistance and training from our business support partners, and if you are successful with your application you will qualify for a number of exclusive offers that will help your business start up and expand.
How do I apply?
Please click here and complete the short form. Once submitted, one of our team will send you details of the next steps, usually within four working days.
If you have any questions call us on 020 8366 8244 or email email@example.com
What does it cost?
Mentoring, advice and support are provided entirely free, as part of the commitment of H.M. Government and those running Financing Start Up Enterprise to help people into self-employment. If you are successful in getting a loan, interest will be charged on the reducing balance at 6% (6.2%APR). You will be told exactly what the monthly payments (payable by direct debit) will cost you.
We will charge you no lending fees whatsoever.
If any of the offers made by any of the partners involved in the scheme involve a cost you will be told exactly what that is prior to purchase.
What if I don’t qualify?
If you are unable to borrow from Financing Start Up Enterprise for any reason, it may be that we can still assist with a loan or other support through the North London Credit Union. Please call us on 020 8366 8244 or e-mail info@FSUE.co.uk and we will try and help.
Can I view the terms and conditions for Financing Start Up Enterprise’s application and loan process?
Yes, the full terms and conditions can be viewed HERE – so that we can be as ‘up-front’ about the terms and conditions as possible, we also provide a link to them on every page of our website in the footer section.
Are You ready?
Are you ready to start out on your own? Try this lighthearted quiz to find out!
Many people dream of starting a business, but worry it’s not the right time, that they don’t have the ‘right’ personality or that they’ll fail.
These questions may help you decide whether or not to take the plunge, or at least give you lots to think about and help you plan to avoid the problems – be blunt with yourself or get an honest friend to give you a second opinion.
Mentor and pass your experience to the next generation of entrepreneurs
We are always looking for new mentoring recruits to help our loan recipients, so if you would be interested in passing on your knowledge to somebody just starting out in business for themselves please read on.
Everyone needs help to grow and develop their business, in fact statistics show that new ventures seeking mentoring are 50% more likely to succeed than those without help. That is why we feel mentoring support is just as important for our loan recipients as the funding itself.
Whether the need is for an impartial person to run through an idea or to brainstorm with, or just to speak to someone who’s done it before, the mentor will be regularly available to help and discuss the entrepreneurs with their business.
PR opportunities for your own business
We care about our mentors and believe that by helping each other, we can increase everyone’s profile.
For example, we provide the chance to share top tips, guides and our own business stories through blogs, forums and social media.
Furthermore, you will have access to our Financing Enterprise Network, in which you can provide offers and discounts for your own business products or services to our client list, as well as being able to invite start-ups to business related events or pop ups.
First of all, please take some time in reading through the Job Description, after this you may wish to review the Mentor Code of Ethics. In order to best understand your role as a mentor. Once you are ready to apply CLICK HERE to fill out our short online form.
Once all is in order you will be contacted for an interview and mentor training.
You must be prepared to be a mentor to any of our clients, regardless of background, ethnicity, sexual orientation, gender, etc. and follow our volunteering guidelines.
Mentoring & Support
To someone starting out in business, advice and guidance can be just as important, if not more so, than money. That’s why the Start Up Loans Company insists that every entrepreneur who gets a loan through the scheme also gets access to a mentor.
Whether the need is for an impartial person to run through an idea or to brainstorm with, or just to speak to someone who’s done it before, the mentor will be regularly available to help and discuss the entrepreneur's with their business.
There are some misconceptions about what the Start Up Loans Mentoring scheme can provide for its recipients
Being a sounding board for your mentee's ideas.
Look at any plans, research and so on with them, as an impartial, independent pair of eyes.
Providing the benefit of your experience to make suggestions, encouraging your mentee to think about things in a new way.
Being accessible, (within reason).
Doing their work for them. You wouldn't expect somebody else to write a business plan for you nor should they.
Being disrespectful of their ideas or plans. If you don't think something will work, suggest another way, but at the end of the day it's their decision and sometimes we have to make mistakes to learn from them.
Answering calls at all hours.
Providing technical advice (we have a Helpline facility for this).
No start up can succeed without a lot of help, even huge multinationals known in every household had help along the way, and on this page we're going to let you know about some of the great offers which are exclusive to recipients of a Start Up Loan. Here we highlight some of the best value for money offers, however there are many more listed on the Start Up Loans website