Virgin StartUp is the not-for-profit home of entrepreneurship at Virgin Group and it will be tripling the number of UK founders it supports. Virgin StartUp Triples Number of Founders It Supports.
Funding for UK founders
There are many ways to fund an early-stage business. Some entrepreneurs will seek out investment from private equity or venture capital funds, but for those who do not have the track record to convince potential investors, there are government-backed options available. Virgin StartUp Triples Number of Founders It Supports.
The UK government-backed Start Up Loans programme, which is managed by The British Business Bank, provides funding without requiring security, a personal guarantee or a stake in the business. As well as loans of up to PS25,000, this programme also offers pre-loan support and mentoring for aspiring entrepreneurs.
SQW was commissioned by the British Business Bank to conduct a longitudinal evaluation of the Start Up Loans programme, tracking loan recipients and assessing their progress over time. We also conducted a value for money analysis and econometric modelling of the impact of the programme. The research will inform future funding for the programme and help to identify how best to improve its effectiveness. This will include identifying and reducing imbalances in access to finance for smaller businesses.
Access to finance
The British Business Bank offers a range of finance to help you launch or grow your new business. This includes government-backed startup loans. These are unsecured personal loans with fixed interest rates and must be used for business purposes. You can apply for one with a business plan and cash flow forecast.
The scheme also provides support to help you start and run your business. This includes business advice, mentoring and access to training and scale-up programmes. BizBritain, which runs the programme, has directly funded over 4,000 startups with a combined total of more than PS50m.
Virgin StartUp is a not-for-profit home of entrepreneurship at the Virgin Group, and has been an official National Business Support Partner since 2013. It will be distributing more than PS36 million in startup loans over the next two years. This includes the launch of a second loan for eligible start-ups that have been trading for up to three years.
Getting started
The first Friday in January tends to see a spike in enquiries from people considering starting up their own business. As such, the team at Virgin StartUp are opening a free support line so that prospective founders can speak to an advisor and run through their plans.
They are 100% government owned, but independently managed and bring expertise and Government money to the smaller business finance markets. They also help to reduce regional imbalances in access to finance and encourage SMEs to understand their funding options.
Mentoring
To find out more about the Start Up Loan scheme visit the British Business Bank website here. Or join us for Start-up Day on September 21 to see how the programme can benefit you needs read more hear.
