A Hands Up for Start-Ups

27 September 2022



Personal Tax Planning,

Corporate Tax Planning

HM Gov.uk released an announcement from the Business Secretary last week detailing 33,000 new loans for small businesses as the £900million government scheme was widened.

The expanded scheme includes:

  • Start-up Loans of up to £25,000 now available to start-ups that have been trading for up to 3 years, expanded up from 2 years.
  • New 'second loans' will be available for businesses that have been trading for up to 5 years;
  • and loans to provide much-needed support for the UK’s innovators and entrepreneurs.

The start-up loans programme has already provided more than 95,000 loans to start-ups across the UK since its inception in June 2021, offering an average of just over £9,000 in support.

Gov.uk hopes this expanded scheme will deliver more much needed finance to UK start-ups and innovators.

The start-up loans provide a fixed interest rate, mentoring support and funding to aspiring business owners across the UK, including those who might find it difficult to secure loans from traditional lenders.

If you are a recent start up business and want to discuss what services we can provide to support your business as it grows, then please contact your local Haines Watts offices in Derby or Nottingham, we'd be happy to start a conversation with you.

For more information on the schemes available see the https://www.gov.uk/ links below:

Apply for a start up loan for your business

Energy bill relief scheme

Recovery loan scheme

Help to Grow scheme