Start Up Loans - Ex Forces

#1
The Ex-Forces and Start Up Loans - Start Up Loans

Start Up Loans has just released a press statement announcing that ex forces are now able to apply for funds to start up their own business. Useful if you're after capital/funding for a business, as the banks simply ain't lending still.

Hope this is useful for a few people.
 
#2
Great if it's true and not just a sound-bite. We hear so much about supporting serving / former servicemen and often very little comes of it. Having not long started my service, I have no idea if i will be doing it in a few years time or if it will really be a job for life, it would just be nice to know there is genuine help / support available in civillian life should /if /when I decide to leave / be booted.
 

Joker62

ADC
Book Reviewer
#4
Any restraints on time of leaving and applying?
 
#5
Any restraints on time of leaving and applying?
Not sure. I'll try and find out though. I would assume that theres no constraints.

Only requirement is a business plan, financial forecast, and a credit report from somewhere like experian. The funds can be used for a new business, or a business thats been operating for under 12 months. The only restriction I've been told before is that the business cannot be:

"....pornography, gambling, money transfer or working for 3rd Parties". So anything like Redtube, Online Casinos, or Wonga are out.

More info is on the Start Up Loans site. Hope that helps.
 

udipur

LE
Book Reviewer
#8
Not sure. I'll try and find out though. I would assume that theres no constraints.

Only requirement is a business plan, financial forecast, and a credit report from somewhere like experian. The funds can be used for a new business, or a business thats been operating for under 12 months. The only restriction I've been told before is that the business cannot be:

"....pornography, gambling, money transfer or working for 3rd Parties". So anything like Redtube, Online Casinos, or Wonga are out.

More info is on the Start Up Loans site. Hope that helps.
One of the best bizzos to start now would be a finance company...

So x-forces (not hamster or any other well known derivative) is good to lend at higher rates but we can't take their model and extrapolate it...?

Back to the drawing board for me.
 

TheIronDuke

ADC
Book Reviewer
#10
Vince Cable and James Caan. What could possibly go wrong?

Unless you are James Caan's daughter try your local micro loan fund. It is EU money, a loan re-payed over 3 years up to £25k. It is weighted to favour ex-mil but you will need a solid business plan with financials. You need to have been knocked back by the banks to qualify but that is not exactly hard.
 
#11
One of the best bizzos to start now would be a finance company...

So x-forces (not hamster or any other well known derivative) is good to lend at higher rates but we can't take their model and extrapolate it...?

Back to the drawing board for me.
I think its more that they don't want stuff like Wonga appearing, as more of those appear to be appearing. Setting up yourself as a "delievery partner" like they have, doesn't cost a damn thing, just have to show that you're not a dodgy sod, as there were some companies that were acting in a dodgy fashion apparently. Or not doing proper checks - think theres been at least one case of someone applying for funding, getting it, and then disappearing as it was a false ID. Seriously.

Vince Cable and James Caan. What could possibly go wrong?

Unless you are James Caan's daughter try your local micro loan fund. It is EU money, a loan re-payed over 3 years up to £25k. It is weighted to favour ex-mil but you will need a solid business plan with financials. You need to have been knocked back by the banks to qualify but that is not exactly hard.
Well, it is clearly to help get him into the good books, and earn a daft amount. No question of that. So far, however, it seems to be working, theres been no monumental screwups as was originally expected.

Only one I've seen for the microloan is in the North-east?
 

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