Start Up Loans are UK government funded personal loans used for business purposes, to help people to start their business and through the first three years of trading. The government funds these loans because often, start up businesses are considered a higher risk and so traditional lenders are often not able to help. Please note that that a credit check will be carried out as part of your application

Established in September 2012, The StartUp Loans Company (SULC) is a subsidiary of the British Business Bank, set up to deliver the UK Government-backed Start Up Loans scheme

The Start Up Loans Company works with a network of Delivery Partner (DP) organisations. Fashion Angel is the only DP to specifically support fashion & textile 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 36 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 registering here

Step 1 – Register on the Start Up Loans website

Step 2 – Once credit checks are run and eligibility is confirmed  you will be assigned to us to complete the verification checks. Once complete you will be invited to a FREE  pre-loan business support meeting and assigned to a Business Advisor 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 files will be passed to the Finance Partner GC Business Finance  who 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 may 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)
  • Proof of address
  • Your CV

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 business need, between £1,000 –  £25,000. Our average loan size is £11,000, 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 has to be assigned against  a personal bank account.

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 if it is for the same business.

Unfortunately we’re unable to give advice on state benefit entitlements. Please talk to your Job Centre Plus for information.

We will be running credit checks as part of  your application, and affordability is a key aspect of the loan assessment, but having poor credit does not necessarily exclude you from applying.

If you have  existing debt this must be declared  in your Personal Survival Budget and  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.

International students living and studying in the UK can apply, but your visa must permit you to work in the UK. 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 range of business support and access to a mentor for the first 12 months.

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 the  Finance Partner The Enterprise Fund Trading As  GC Business Finance. GC Business Finance are regulated by the Financial Conduct Authority (FCA).

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: 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 if you’ve approached or been approached by any such company.

Every application for a Start Up Loan is reviewed on an individual basis.  Should your application for a Start Up Loan be declined and you feel the wrong decision has been made, you are able to appeal the lending decision within 30 days of receiving the decline outcome notification. You can lodge your appeal directly with the our team by emailing

By emailing the team you will initiate the appeals process, a member of the team will acknowledge receipt of your appeal and will be on hand to support you through the process.  When you appeal please outline why you would like to appeal the lending decision and include any additional supporting evidence as to why you feel the decision should be overturned.

A second independent review by the team will be carried out, taking into consideration the original application and any new information you provide.  You will be informed of the outcome of your appeal via email.

Please note, if your appeal is unsuccessful you can reapply for a Start Up Loan 6 months after the initial lending decision.   This will give you time to work on your idea further by perhaps improving the viability of your business or addressing any affordability concerns that were raised.

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.

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

Fashion Angel  62 Sutton Crescent, Barnet, Herts, EN5 2SS

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