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Loans for Entrepreneurs

Written By On 05/01/2014

StartUp Britain, a national campaign by entrepreneurs for entrepreneurs have reported that over half a million new UK companies were launched last year.

This was an increase of eight per cent on the previous year bringing the number to an all time high. All but five per cent of them were registered with Companies House by individual people.

This shows encouraging signs for Britain's entrepreneurial ambitions as many of these began with little or no personal money.

There are various funding choices available for starting up your own business ideas.

The government launched it's own Start Up Loan scheme to help younger individuals with their new ventures, but this has now been extended to any age. If they approve the applicant's plan, then they may be able to receive a loan of as much as £25K to help them on their way. That is able to be paid back in various term stages at a six per cent annual rate.

They also offer advice for any participant that may need it to help them with any difficulties or obstacles in their way.

The Enterprise Allowance is another government scheme also that is available for people who are on Jobseekers' Allowance. If interested, you can contact your local Jobcentre and they can tell you more. You can receive in excess of £1K paid in stages over six months and business guidance is also given if you should so wish.

Youth charity Prince's Trust help people between the ages of eighteen and thirty years of age in launching their new businesses. They offer subsidised low interest rates of loans up to £4K plus any support you might need to help you on your path.

Rockstar youth is another organisation helping budding entrepreneurs with loans of up to £10K plus any mentoring they might require.