Start-Up Loan FAQs

A Start Up Loan is a government backed loan to help you start your business. The loan is a personal loan given for business purposes. Your loan application will be considered according to the needs of your business.

The Start Up Loans Company works with a network of Delivery Partner organisations. Fashion Angel is a social enterprise and the only DP to specifically support fashion industry related applications. Our role is to provide guidance to applicants in developing a business plan and cash flow, make the loan decision, and provide ongoing support and mentoring to Start Up Loan recipients.

Anybody living in the UK, and at least 18 years of age at the time of registration, can apply for a Start Up Loan. You may have already started your business, but you must not have been trading for longer than a period of 24 months. You must have the legal right to remain in the UK for the duration of your loan term and the right to be self-employed.

The application process is very clear – you can apply by filling in the online registration form or downloading it and emailing to info@http://fashion-angel.co.uk/.

Step 1 – Complete and submit the online registration form which will help us identify what stage you are at with your business idea. You will be asked to complete a financial self declaration so we can run our credit checks.

Step 2 – Once we confirm your eligibility you will be assigned a business advisor and invited to a FREE pre-loan mentoring session so they can help you develop the business plan/financial projections that you will need to have ready for your loan application.

Step 3 – Submit your loan application which will be reviewed by our approval panel for approval. If successful at this stage, your proposal will be forwarded along with other necessary documentation to Business Finance Solutions who is the Lending Partner and will be issuing and administering the loan. You will never be charged to make a Start Up Loan application.

As part of the process you will need to provide
• Last 3 months of personal bank statements showing your name, current address and account details
• Passport or drivers licence (showing current address)
• Copy of visa (if relevant)
• Your CV
• Signed credit self assessment statement
If you do not meet your pre loan advisor in person you will need to get your passport verified using the Post Office Verification service

The Start Up Loans Company provides us with criteria to adhere to in accordance with FCA guidelines, to ensure a consistent approach is followed. The loan decision will be based on the individual and the business plan.

The Start Up Loans Company lends on the basis of need up to a maximum of £25,000. Our average loan size is £6,000, but the final amount will be determined by your business plan.

It is currently set at a fixed rate of interest – 6% (p.a). The interest received is recycled back into the programme to allow us to support more entrepreneurs.

You are required to pay back the loan within 1-5 years. The exact term will be agreed as part of your application process.

No. A Start Up Loan is a personal loan, so a personal bank account is fine.

Yes, individuals can only receive one Start Up Loan. This allows us to support the maximum number of people to start their own business. If you are starting a business with others who are eligible to apply for a Start Up Loan, or your existing business has multiple partners, you can all submit Start Up Loan applications for the same business. Once your Start Up Loan is fully repaid you may be able to apply again.

We will be running credit checks as part of your application, but having poor credit does not necessarily exclude you from applying.
If you have declared your debts in your self assessment and you have taken the repayments into account in your Personal Survival Budget, our team will check that you will be able to manage further debt.
Applicants for a Start Up Loan must not currently be declared bankrupt and/or have any outstanding IVAs or DROs and must have been discharged for 2 years in order to be eligible.

If you have a Tier 4 Visa, then you are NOT eligible to apply for a Start Up Loan, as self-employment is excluded. If you are able to secure a Tier 1 Graduate Entrepreneur Visa, then you may be eligible to apply. Your visa must extend at least 6 months beyond the loan period.

Once you receive your Start Up Loan, you will be offered a mentor for the first 12 months, as well as access to exclusive business offers to help reduce the cost of running a business.

Finance is provided by way of a personal loan which is regulated under the Consumer Credit Act 1974. This means, the loan is taken out in your name and not the name of your venture.
The loan is repayable on a monthly basis for the duration of the term of the loan. The finance provided to you is not a grant.

We do not directly provide loans to applicants. Your Start Up Loan will be provided by one of our Finance Partners The Enterprise Fund Ltd trading as Business Finance Solutions

A Start Up Loan is a personal loan and therefore you will still remain liable for all required loan repayments as per the agreement you signed.

You should contact your loan provider immediately and let them know your situation. It is always best that you speak to your provider if you believe you may not be able to make your next repayment rather than wait until the payment is missed.

Please note that we will be unable to advise you in the event of financial issues and as a Delivery Partner, we cannot provide independent debt advice.
*Please note: The Start Up Loans Company & Fashion Angel does not endorse any debt management companies who charge fees for debt advice or debt management payment plans. Please notify hello@startuploans.co.uk if you’ve approached or been approached by any such company.

No. Please note that your mentor is there to provide general guidance and not specific advice such as debt counselling.

Fashion Angel, 5 Beaumont Gate | Shenley Hill | Radlett | Hertfordshire | WD7 7AR

Treating customers fairly remains at the heart of the Start Up Loans programme, if you feel that we have not provided the service level you expected to receive, then please let us know. If you woul d like to make an official complaint please note our complaints policy below

Fashion Angel, as a delivery partner for the Start Up Loan Company Ltd, is committed to delivering a professional, high-quality service to all customers that apply and/or receive a Start Up Loan through us. However, there may be occasions when you feel the level of service you receive has fallen below your expectations.

In this instance, please write to:
Start Up Loan Manager
Fashion Angel
62 Sutton Crescent
Barnet
EN5 2SS

OR e-mail: info@http://fashion-angel.co.uk/

Any complaint made under this policy should include:

• Contact details of the Complainant (including postal and e-mail address).
• The subject of the complaint.
• Information and evidence regarding the alleged breach.

We will acknowledge your letter or e-mail within three working days of receipt
We will investigate the items you have raised and write to you with a final response within five working days of acknowledgement.
If unable to provide a final response within five working days, we will write to you to explain the reasons.
In any event, we aim to provide a final response within 15 working days of acknowledgement.
Appeals Procedure

If you wish to appeal to the final response, please write to:-
Director, Fashion Angel, 62 Sutton Crescent, Barnet, EN5 2SS
The appeal must be made within 14 working days of our final response.
We will acknowledge your appeal letter or e-mail within five working days of receipt.
A Director of Fashion Angel will write to you with a final response within 14 working days of acknowledgement.
The appeal must be made within 14 working days of our appeal response.
We will acknowledge your appeal letter or e-mail within five working days of receipt.
A Director of Fashion Angel will write to you with a final response within 14 working days of acknowledgement.
If you are a prospective borrower or an existing borrower AND your loan is covered by the Consumer Credit Act 1974 you will be referred to the Financial Ombudsman Service.
The Financial Ombudsman Service is a free, independent service for settling disputes between businesses providing financial services and their customers.
The Financial Ombudsman Service will not consider a complaint until we have given you our final response and unless you contact them within six months of our final response.
If you wish to make a formal complaint to Start Up Loan company please put the complaint in writing and post or email it to the following details:

By email to: client.services@startuploans.co.uk

By post to: FAO Investigation Officer The Start Up Loans Company PO Box 70193 London WC1A 9JQ

Any complaint made under this policy should include:

• Contact details of the Complainant (including postal and e-mail address).
• The subject of the complaint.
• Information and evidence regarding the alleged breach.

This FAQs page contains links to third-party websites, so please read the linked websites’ terms and conditions. Fashion Angel or its partner organisations have no control over third-party websites and is not liable for your use of them or any advice they provide you.