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Outset Finance

Outset Finance is a national delivery partner of the government’s Start Up Loans scheme and can offer new business owners in Birmingham access to a loan valued up to £25,000, plus 12-months free mentoring support. Start Up Loans are designed to help people start and sustain their business. They are specifically designed to support people who have been (or are likely to be) rejected by the bank, so your past financial experiences don’t have to stand in the way of your future potential.

Start Up Loans are designed to support people in the early stages of starting-up, so if you are yet to start your business, or in your first 12 months of trading (and in certain circumstances, your first 24 months) you are probably eligible to apply. People typically borrow between £2,000 and £10,000 (the maximum loan is £25,000) and all loans come at a competitive fixed rate of interest at 6.2% APR.

If you’re successful in applying for a Start Up Loan, we’ll also match you up with a suitable business mentor to offer you 12-months of free support and help you navigate any challenges, barriers or opportunities as you go about setting up your business.

We don’t encourage people to take on debt they can’t afford, which is why we work with you prior to submitting your loan application to ensure that your business plan and cash-flow forecasts are strong enough to enable you to sustain a loan.

Am I eligible?

If you can answer ‘yes’ to the following questions then you are likely to be eligible for a Start Up Loan:

  • You have not yet started trading or are in your first 12 months of trading (24 months in some circumstances)
  • Your business is or will be based in England
  • You are eligible to live and work in the UK
  • You are not and have not been bankrupt and you do not have any outstanding Individual Voluntary Arrangements (IVA)
  • You have not taken out a Start Up Loan through any other provider
  • You have been (or are likely to be) refused by a bank (self-declaration is acceptable)

If you think you’re eligible, fantastic! Register now to get started >>>

Click in the box and select the option that best describes your situation:

If you don’t think you’re eligible, visit gov.uk to see what other financial support might be available to your business.

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The application process:

  1. Register your interest now and someone will be in touch within 48 hours to answer any questions and walk you through the next steps (please note, you only need to register once with Outset Finance – you can do that directly here, or on the Outset Finance website).

Register your interest now >>> >>>

Click in the box and select the option that best describes your situation:

  1. Check out our application checklist below to help you gather the documents you’ll need to apply.
  1. Use the links below or visit the Outset Finance website to download a selection of free templates to help you finalise the documents you’ll need to submit with your application form.
  1. Finalise your business plan or, if you haven’t created this yet, apply for access to Outset Online for help getting started.
  1. Once you’ve collated all the required documentation, complete the online application form on the Outset Finance website.
  1. Outset Finance will review your application within 48 hours and contact you directly with any further questions. On average, once your documents have been received, it takes about five days to assess your loan application.

Start Up Loan application checklist

Before you submit your online application form on the Outset Finance website, you will need digital copies of all of the following documents to upload with your application. Download a copy of this full checklist now and click the below links to download editable templates to help you finalise these documents:

LIST A:

  • Signed passport
  • Signed UK photo driving licence
  • Signed EU photo identity card
  • UK firearms licence with photo
  • UK ID card for foreign nationals
  • Visa, if not EU/UK citizen

LIST B:

  • Utility bill from Provider A
  • Utility bill from Provider B
  • Utility bill from Provider C
  • Copy of birth certificate
  • Letter from any Government department addressed to you
  • TV licence
  • Mortgage statement issued within three months
  • Child benefit book within last year
  • Wage slip from your employer