Loans

Introduction

Have you a passion or hobby that you can turn into a businessIs there a gap in the market that you can fill? Do you want to be your own boss?

If you answered yes, then you could have what it takes to start your own business. Wirral Chamber of Commerce is an official delivery partner of the Start Up Loans Company, a government initiative to provide personal loans for business purposes.

It aims to help individuals starting a new venture, which is either still in the planning stages or has been trading for up to 12 months, although in certain circumstances this time period may be extended to 24 months. To find out more it is as easy as getting in touch with us by completing the online registration form simply providing some basic contact information. If you have done this, then congratulations, you will have made the first step to your new business.

What is the loan?

Every loan application is considered according to the needs of the business, with an average loan size of around £6,000. The size of the final loan will be determined by your business plan.

Only one Start Up Loan can be granted per person, however, more than one person in a company can be eligible for a loan. You are required to pay back the loan within 1-5 years, however, the exact term of the loan will be agreed with us as part of your application process. Remember, a Start Up Loan is a loan and not a grant, it is a personal loan that must be repaid in full with a 6.19% annual interest.

Are you eligible?

To meet the loan criteria must be:

  • Aged 18 years old and over
  • A British citizen or UK legal resident
  • Wanting to start or grow a business in the UK

If you answered yes to all of the above then you can now register your interest today on our online registration form.

Why apply for a loan?

With start up loans increasingly difficult to access via traditional methods, such as banks etc, your next alternative is either to sell equity in your business or take out a business start up loan. Although equity investment is a viable option, selling equity at an early stage will inevitably mean relinquishing a relatively high percentage of your business for a fraction of its potential value. A start up loan provides you with the funding you need now and leaves you in full control your business.

At one of the lowest interest rates of its kind, business start up loans offer a hard to come by opportunity to gain the money you need to kick start your business, with fair repayment options. Non-secured business start up loans are rare as lenders are more stringent than ever about who they lend to, however, start up Loans offers a chance to create your business removing risks associated with a secured loan. Visit this FAQ section for further detailed information.

In addition to a start up business loan, Wirral Chamber of Commerce provides dedicated support and business mentoring to help guide you through those critical first weeks and months of your business journey. Find out more about the mentoring help and support you will receive.

Credit checks for loan applicants will be carried out through our finance provider, however, if you have existing bad credit this will not necessarily impact the success of your application. If you want to apply for a Start Up Loan then complete the online registration form and submit to Wirral Chamber of Commerce - we will be back in touch with as soon as possible.

Downloadable Templates

Business Plan with guidance notes

This template gives bullet points relating to the type of information we would expect to see in your business plan and what we will be looking for in your application. Download


Blank Business Plan Template

This template has the headings only. Download


Business Plan Checklist

This is what we expect to see in a business plan and you should use this to check you have all the key elements in there before you submit it to us. Download


CV Template

Guide to completing your own background details. Download


Cash Flow and Personal Survival Budget Template

Guide to completing your own background details. Download

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