If your business is more than three years old, you can look into applying for a traditional business loan. This loan is a way to get external funds to run or grow your business.
Nationwide Finance Business Loan

A startup is a company that is new and in the initial stages of business. It is normally a small business funded by the founders, but startups also seek investment elsewhere to get the business off the ground.
A startup can also be in ‘startup’ mode for as long as three years, so it is not isolated to the first year.
If you would like a startup business loan, then you can apply for one if your business is less than three years old. The good news is that you don’t have to apply for this at the very beginning of your business journey as the loan can help to finance a new business that is already up and running.
A startup business loan is a lump sum from a lender which can be used for a variety of different things from cash flow to covering staff wages and paying workplace rent. Most businesses can apply for this loan but it’s always worth doing your research to see which loan is the right one for you.
There are some requirements for startup business loans and here are some of the key things to consider before applying:
You need to be:
18 or over
A UK resident
Eligible to work in the UK
Your business must be:
Less than three years old
UK-based
If your business ticks the boxes above, then you need to start thinking about the application process. Before you can apply for the loan you’ll need to create a business plan and then a cash flow forecast. You’ll need to demonstrate the position of your business and illustrate how you plan to use the loan to ensure your business is a success.
A startup business loan is a lump sum from a lender which can be used for cash flow or covering staff wages."
The Start Up Loan is a scheme from the government which aims to help small businesses via a loan of £500 to £25,000. To apply for this loan you’ll need to live in the UK and be over 18, and have started (or about to start) a UK business that’s been trading for less than three years.
This loan differs slightly from a business loan as it is an unsecured personal loan, which means the business will have a credit check during the application process. If successful, you can repay the loan over a period of time, ranging from one to five years. The positives of this loan is that it charges a fixed interest rate of 6% per year and there’s no application fee.
A startup loan acts in a similar way to a business loan. It requires you to go through an application process and then the lender will decide if your business can use the loan and then repay it within a specific timeframe. Some startup loans, including the government scheme, also come with support from business advisers.
Startup loans normally come with a greater risk for lenders, so you might have to pay a higher interest rate or have a personal guarantee. You might also find that lenders look at your personal credit history if the business is still in the early stages.
Business loans are also used by businesses that have been trading for at least two years and you can normally get more money compared to a startup business loan.
Try to limit your debt before applying for a loan as this could be unfavourable to lenders."
If you apply for the government-backed Start Up Loan there are no fees involved, but other startup loans could come with some fees attached.
For example, there might be an early redemption fee if you wish to repay the loan before the end of the agreed term, or an application fee which can be a percentage of the loan amount. You might find lenders with no fees, so always look into the terms and conditions of the loan to understand the full story.
Always check fees when comparing loans as this cost could be the deciding factor."
If your business is more than three years old, you can look into applying for a traditional business loan. This loan is a way to get external funds to run or grow your business.
Pitch your business idea online and offer perks or rewards to investors if your target's met. Crowdfunding can be a good alternative to startup business loans, but remember getting the amount you need can be a slow process.
Business grants don’t have to be paid back and there's no interest to pay either. Small business grants are available from your local council and could provide funds to help your business idea.
If your business is more than three years old, you can look into applying for a traditional business loan. This loan is a way to get external funds to run or grow your business.
Pitch your business idea online and offer perks or rewards to investors if your target's met. Crowdfunding can be a good alternative to startup business loans, but remember getting the amount you need can be a slow process.
Business grants don’t have to be paid back and there's no interest to pay either. Small business grants are available from your local council and could provide funds to help your business idea.
Yes, you can get a startup business loan for a home business. However, you should still check with each lender to check if your business is eligible to apply.
Yes, you can use a startup loan to pay for wages but only if you include wages as part of your loan application.
Some lenders require you to have a business account with them to qualify for a business loan, but some are more flexible. Ask before you apply.
Yes, you can repay a startup loan early but you may get an interest penalty based on your remaining loan balance. Check with your lender if you can afford to repay your loan early.
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