STONKING info for 19-30 year olds starting up

[Dalrimple 10]

I have just come across this site run by the government. It is for a start up loan for new business's for 18-30 year olds.

 

http://www.schoolforstartups.co.uk

 

WELL worth a look. Some of you may actually be able to start up your company. Hope it helps.

[KNO-IT 10]

I cant believe no one has commented here. This is a BRILLIANT opportunity. I know people that have used these and had their loan approved with in 48 hours, they now run successful businesses

[jamesypoos 10]

Looks amazing but I'm 34 and feeling a bit left out...

[indizine 10]

Not sure how many 18-30 year old's hang out in this part of the forum who are looking to start a business.

 

Also, it's probably not much different to a bank loan in that and anyone who fails a credit check will likely fail getting this loan. The website doesn't make a point of saying it's for people out of work, no job, etc who have otherwise no chance of getting a loan.

 

They don't mention the loan rate either.

 

Otherwise, any person at any age with a job and a good credit rating can get a loan anyway.

[gadgetbloke 10]

The loans are a government initiative called 'Start Up Loans'. Schoolsfostartups is one of the delivery partners. They are a personal loan designed to help 19 - 30 year old's start a business. You must have a business idea and cash flow forecast and depending on the delivery partner and loan amount you will probably need to pitch to a panel.

 

The interest rate is currently 6.2%. It would appear that credit checks aren't carried out as I have no searches showing on my credit files.

 

I agree the website isn't very informative about the criteria and I suspect they don't advertise it specifically at those out of work so that they get people that are genuinely interested in being self employed and not just jobless.

 

Yes any one at any age with a good credit history can probably get a loan but what about those that are only 19 and have little credit history at all? Also I don't think 6.2% is a bad rate and they offer a interest only repayment period of 12 months to keep your overheads low while your business gets established.