5 Steps for getting your Start-up Loan
From selling spiders to designing dresses. From running a market stall to publishing magazines. From starting a holiday business to selling children’s clothes.
On a daily basis WSX receives many different applications for business start-up loans.
Recent business launches have been an independent film production company, mobile catering, student recruitment agency and online media training companies.
To help you understand the process of applying for a Start-Up Loan we’ve broken down the journey from your phone call or web application, through to getting the loan.
1. Do I want to work for myself?
Your first decision is ‘Do I want to work for myself?’ It is a big decision to make but the benefits to your business and personal life can be huge! One of the most attractive points is the fact that what you put in you will get out – Working a lot of hours is always going to be required in the initial start-up period BUT these hours are all for you and your business plan. What an empowering thought, especially if your business takes off with a bang!
2. Research the market and prepare Business Plan.
or call for any queries prior to the application 01329 22 3212
To get the process really moving, download the paper from our website here. Alternatively, we can send it all out to you!
We can offer you a Pre-Business Support Adviser to assist you with your Business Plan & Cash Flow Forecast – We know this may be your first experience in writing one and we really do want you to succeed so will offer you the best chance possible!
3. Submit your Business Plan
So, you’ve completed your Business Plan, Cashflow Forecast & signed the checklist with all the forms of ID required for the loan – Now what? Well, your plan is now presented to a panel of appraisers who will review your case. This is actually a really useful period as you get to take a breath before the BIG push AND you get feedback from professional business owners on your plans. This can be invaluable, even if it is refused, as all feedback can be used to make your product or service better and more ‘saleable’. You will get a chance to resubmit your plan, should you require, so all is not lost if at first you are refused your start-up loan!
4. Start-up Loan agreed!
When (not if – think positively) your Business Plan & Cash Flow Forecast are approved our partner Parity Trust will send you the loan agreement documents. Parity Trust are a brilliant, friendly business partner who we are happy to be aligned with. They will handle the actual loan itself from this point and are committed to ensuring you get the best chance for yourself and your new business.
However, you can’t get rid of us just yet………..We now link you with a Mentor who will work with you for up to 12 months to get you on your feet and give you any guidance you might want or require.
5. Mentor + Grow
From here, it will be an exciting adventure with many ups and downs but we believe, with our Mentoring support programme that you will have more of the ups!
Hopefully, this has shed some light on the process and made it sound as accessible as it really is – The Start-Up Loans have been created to offer you the best chance of starting your own business and we like to think that we can help you reach that goal.