Fashion Angel, in partnership with GC Business Finance, can help you access a Start Up Loan to start or grow your fashion business.
Welcome to Fashion Angel. We’re here to help you access a Start Up Loan to get your business off the ground or grow to the next stage.
A Start Up Loan is an unsecured government-backed personal loan available to UK individuals looking to start or grow a business in the UK, administered by the Start Up Loans Company, a subsidiary of the government funded British Business Bank.
Fashion Angel is working in partnership with GC Business Finance, one of Start Up Loan’s National Business Support Partners, to support fashion sector applications.
Register online and provide any required documents to confirm eligibility1
Book your pre-loan support meeting with a business advisor. We’ll also provide you with our suite of business plan templates designed for the fashion sector2
Submit your application for assessment3
If approved, receives fund within 2 working days and access business support for 12 months4
You will need to show you have a robust business plan and can afford to take on the loan commitment. You’ll be provided with a suite of templates to help you apply for your start up loan, including a business plan, personal survival budget, and financial forecasts.
Individuals can receive one loan per business, however more than one partner in a business can apply for a Start Up Loan. A credit check will be carried out as part of your application
Use our Loan Repayment Calculator to check out your repayment options and make an informed decision before you apply.
Fashion Angel’s expert guidance has assisted 1000s of entrepreneurs access a Start Up Loan
Fashion Angel’s expert guidance has assisted 1000s of entrepreneurs access a Start Up Loan
See how a Start Up Loan and Fashion Angel business support has helped these inspiring entrepreneurs start their fashion business.
Fashion Angel is working in partnership with Business Support Partner, GC Business Finance.
Loans are strictly for 18s and over and are personal loans for business use only. Finance is subject to status. You will be credit checked as part of your application for a Start Up Loan. Individuals can only receive one loan, however more than one partner in a business can be eligible to apply for a Start Up Loan. Terms and conditions apply. You will never be charged a fee to apply for a start up Loan. Fashion Angel is a credit broker authorised by the Financial Conduct Authority (FCA), not a lender. You will never be charged a fee for our brokerage services.
The Start Up Loans Company have secured some fantastic business offers, exclusive to Start Up loan recipients. These provide discounts on a number of business products and services and equip an entrepreneur with many of the tools needed to launch a successful start-up. To see how these offers could benefit your business and to redeem, click here.
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 Business Support Partners. Fashion Angel is working with GC Business Finance, one of the national Business Support Partners, to specifically support fashion & textile industry related applications. Our role is to provide guidance to applicants in developing a robutst business plan and cash flow forecast to support their application.
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 contacted by GC Business Finance to complete the verification checks. Once complete you will be invited to a FREE pre-loan business support meeting and assigned to one of our Business Advisors 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 the GC Business Finance panel. If successful you should receive the funding within 2 working days. GC Business Finance 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
GC Business Finance will asses the application in accordance to Start Up Loan lending criteria and FCA responsible lending guidelines, to ensure a consistent approach is followed. The loan decision will be based on the individual’s affordability 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 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 approve or 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 firstname.lastname@example.org 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 email@example.com
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.
Fashion Angel 62 Sutton Crescent, Barnet, Herts, EN5 2SS
Loans are strictly for 18s and over and are personal loans for business use only. Finance is subject to status. You will be credit checked as part of your application for a Start Up Loan. Individuals can only receive one loan, however more than one partner in a business can be eligible to apply for a Start Up Loan. Terms and conditions apply. You will never be charged a fee to apply for a start up Loan. Fashion Angel is not a lender. Please note that: Fashion Angel is a credit broker authorised by the Financial Conduct Authority (FCA), not a lender. You will never be charged a fee for our brokerage services.
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