1. Introduction
When it comes to funding a new business in the UK, one of the most popular government-backed options is offered by StartUpLoans.co.uk, part of the British Business Bank. This scheme has helped thousands of entrepreneurs access affordable loans and business mentoring. In this StartUpLoans.co.uk review, we’ll break down the key features, pros and cons, and what users are really saying.
2. What Is StartUpLoans.co.uk?
StartUpLoans.co.uk is the official website of the Start Up Loans Company, a subsidiary of the British Business Bank. It provides unsecured personal loans for business purposes, with amounts ranging from £500 to £25,000. Alongside finance, successful applicants also receive 12 months of free mentoring to help grow their businesses.
3. Key Features of StartUpLoans.co.uk
- Loan amounts from £500 to £25,000.
- Fixed interest rate of 6% per year.
- Repayment terms between 1 and 5 years.
- No early repayment fees.
- Free mentoring for 12 months.
- Multiple applicants from the same business can apply (up to £100,000 total).
4. Eligibility Criteria
To qualify for a Start Up Loan, you must:
- Be 18 years or older.
- Be a UK resident.
- Have a business idea or a business trading for less than 36 months.
- Pass affordability and credit checks.
5. What Customers Like About StartUpLoans.co.uk
- Affordable funding – The fixed 6% rate is cheaper than many bank loans.
- Supportive advisors – Many applicants praise the guidance received during the application.
- Clear process – Templates and tools make preparing a business plan easier.
- Quick turnaround – Some users reported approvals within 2–3 weeks.
6. Common Complaints from Users
- Slow communication – Some applicants report waiting weeks for updates.
- Advisor issues – A few reviews mention being assigned advisors who were unresponsive.
- Strict checks – Applicants with poor credit may struggle to get approval.
- Loan limits – For businesses needing larger capital, £25,000 may not be enough.
7. Trustpilot Reviews Snapshot
On Trustpilot, StartUpLoans.co.uk holds a 4.1/5 rating. Many reviewers highlight professional and friendly support, while negative reviews often point to delays and lack of communication.
8. Pros and Cons
Pros:
- Government-backed and reliable.
- Affordable interest rates.
- Free mentoring included.
- Flexible repayment terms.
Cons:
- Approval process can be slow.
- Limited loan amount per applicant.
- Not suitable for businesses trading over 36 months.
9. Who Should Use StartUpLoans.co.uk?
This scheme is best for:
- Entrepreneurs starting a new business.
- Early-stage businesses trading less than three years.
- Business owners who want both funding and mentoring.
- Those who don’t have assets for secured loans.
Frequently Asked Questions
1. Is StartUpLoans.co.uk legit?
Yes, it’s a UK government-backed program run by the British Business Bank.
2. How long does the application take?
It varies, but many report 2–6 weeks depending on how prepared your documents are.
3. Can multiple partners apply for loans?
Yes, each partner can apply individually, up to a total of £100,000 per business.
4. Do I need collateral?
No, Start Up Loans are unsecured.
5. What happens if I repay early?
There are no penalties for early repayment.
6. Is mentoring mandatory?
No, but it’s included free for 12 months and highly recommended.
Conclusion
In this StartUpLoans.co.uk review, it’s clear that the scheme is a strong choice for UK entrepreneurs seeking affordable funding and business support. While communication delays can be frustrating, the combination of low-interest loans and free mentoring makes it one of the most accessible startup financing options available. If you’re starting a business and need between £500 and £25,000, this program is worth serious consideration.