Start-Up Loan for Individuals Starting a New Business

Business Gateway Fife is working in partnership with Start Up Finance Scotland to offer support to individuals looking to start a new business and provide funding in the form of a start-up loan.   Loan recipients will work our advisers to ensure that they can make their business a success. 

Restrictions
Anyone above the age of 18 at the time of application and living in Scotland is eligible for a loan, providing they have a business idea and want to use the loan for setting up their own business.
You may have already started your business but you cannot have been trading for more than 12 months.

You must have the legal right to remain in Scotland for the duration of your loan term and the right to be self-employed.

Loan Size
Every loan application is considered according to the needs of your business, with an average loan size of around £6,000. The final loan size will be determined by your business plan. Only one Start Up Loan can be granted per person, however more than one person in a business can be eligible for a loan.

Payment
You are required to pay back the loan within 1-5 years, however the exact term of the loan will be agreed with your Business Gateway Adviser as part of your application process.

The Start Up Loan is not a grant. A grant is a non-repayable fund provided by an individual or an organisation for a particular purpose, often awarded to non-profit entities as well as business. However, a Start Up Loan must be repaid in full with a 6% interest rate.

For more information on the above loan, please contact Business Gateway Fife on 01592 858333 or email success@bgfife.co.uk