A government-backed scheme has been launched by the Wirral Chamber of Commerce which offers a loan to those who want to start their own business or have been trading for less than 12 months.
The Start Up Loans Programme is aimed at those who may need a little extra cash to get their businesses off the ground or expand if they need to.
The programme is suited for those people who want to borrow between £500 and £25,000 and are over the age of 18.
Jane Hayes, Enterprise Manager at Wirral Chamber said: “Having a business idea is one thing, but having the resources to make it a success can be a struggle for many; and that’s where this scheme comes in. This isn’t just about giving people a loan – it’s about helping people to make their business a success. Successful loan recipients are assigned a mentor to work with them for 12 months and they also have access to free workshops and networking events designed to help them develop their knowledge and their networks.”
The personal loan comes with a fixed rate low interest rate of 6.19% APR and is repaid between 1 and 5 years.
Those who wish to apply must have a business plan and a two year cash-flow forecast already but if they do not the Chamber will offer full support with this.
One example of how the loan has helped a new business is Bebington Gas and their new van. After trading under a year, the company’s van began to fail, and they needed the funds for a new one or the business would have been seriously affected.
After taking out a loan, they got their new van and were assigned their mentor- business man and expert in accounting, Paul White of APH Accountants.
Pauls years of experience in business meant that he could offer Bebington Gas helpful tips on many aspects of business; from business operations to social media.
If you think you could benefit from the Start Up Loans Programme, or would like an informal chat to find out more, contact Jane Hayes on 0151 650 6940 or email email@example.com.