{"id":62547,"date":"2019-08-29T10:00:06","date_gmt":"2019-08-29T14:00:06","guid":{"rendered":"https:\/\/www.wework.com\/ideas\/?p=62547"},"modified":"2020-08-24T16:18:14","modified_gmt":"2020-08-24T20:18:14","slug":"how-to-get-startup-funding-in-the-uk","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/professional-development\/business-solutions\/how-to-get-startup-funding-in-the-uk","title":{"rendered":"Seven ways to get startup funding in the UK"},"content":{"rendered":"\n

You\u2019ve done it: You\u2019ve come up with your revolutionary idea, quit your day job, and launched your own business<\/a>. But to quickly grow your fledgling startup into a full-scale company, you\u2019re going to need funding, and between loans, investors, grants, and angels, it can be tough to know where to look for that all-important cash injection. Let\u2019s take a look at seven ways to get startup funding in the UK. <\/p>\n\n\n\n

1. The government\u2019s Start Up Loan scheme<\/strong><\/h2>\n\n\n\n

Launched in 2012 to encourage entrepreneurship, the Start Up Loan scheme is a government-backed personal loan of between \u00a3500 and \u00a325,000 available to anyone looking to launch or expand a small business. The interest rate is fixed at 6 percent per annum, and the loan can be repaid over one to five years. <\/p>\n\n\n\n

You\u2019ll need to submit a detailed business plan and cash-flow forecast to prove that your startup can afford the monthly repayments\u2014there are plenty of helpful guides on the Start Up Loans website<\/a> to help you\u2014and if you\u2019re accepted, you\u2019ll be paired with a business mentor for 12 months.<\/p>\n\n\n