Official delivery partner for the Government’s Start Up Loan Scheme, Outset Finance is marking the significant achievement of providing a total of £25million worth of funding to business start-ups in the past six years.
The government backed Start Up Loans Scheme is available to all business sectors with a competitive fixed rate interest of 6.2% APR. Outset Finance were chosen to be a delivery partner of the scheme due to Outset’s focus on supporting people by securing finance to start-up and grow their business. Outset Finance have helped to address an under-representation of women setting up businesses in the UK with a 50/50 split in loans being granted to new businesses since it was established in 2014.
The service has helped over 2,000 clients so far to receive Start Up Loans. Ben Gibbons of GreenBrick Ventures CIC is one example of how the finance has helped people who are keen to set up new businesses following a change in circumstances in the face of the current COVID-19 pandemic.
Ben received a loan of £11,500 which has helped him to set up GreenBrick Ventures CIC, a community interest company using recycled plastic to create products from which part of the sales go to help develop small scale projects in Nepal. He has been busy kitting out an old Hovis van with the equipment and tools as well as the three-phase electricity to run them along with building networks of potential contacts and creating the website to establish the brand online.
Whilst initially looking for possible funding options, Ben came across Outset Finance and the Start Up Loans. After making contact with his local advisor, they had several meetings to talk through his forecasts and other aspects of the business. He stated,
“the whole process took just three weeks from start to finish, which was incredible! The advisor helped me to improve my application, suggesting that I look at my competitors to consider how to position the Community Interest Company. This help was invaluable and certainly helped to make the application go through so quickly.”
An added benefit of Outset Finance is that businesses receive free access to Outset Online which provides over 40 hours of interactive e-learning which includes guiding them through the process of creating their own business plan which can then be used as part of their Start Up Loan application.
Paul Green, Loans Manager for Outset Finance commented,
“The Start Up Loans scheme provides new businesses with a sustainable solution to the challenge of affordable finance. We are delighted to have helped so many people achieve their business dreams and are thrilled to have reached this major milestone.”
Picture shows L to R: Paul Green, Start Up Loans Manager, Bev Hurley, CEO of YTKO and Dave Leaman, Business Development Manager for Outset Finance.
