UK Loans Available For New Hotel Start-Ups
What is start-up loan?
Before heading towards the main article, we must know what the start-up investment is? The start-up loan is a scheme that is funded by the government, and it gives resource as well as mentors the entrepreneurs. You will have a delivery partner who will be assigned by the company of the start-up loans. This person will help you to build a good business plan. The entire process of a hotel start-up will be assessed and funding resolute by the start-up loans company. The start-up loans are available to new founders of business who are at least of 18 years old.
Companies providing start-up loans in UK
Money is a big worry when it comes to starting a hotel business. The growth of alternative lending offers reputable organizations a broad range of business loan options whereas, the new entrepreneurs needs to work very hard to a small loan for new start-ups. This is because; most of the people do not want to lend thousands of pounds to a new business that does not have its revenue yet. Considering this in mind, we have made this list consisting of proven methods of financing new start-ups.
Virgin start-up loan: The loan that is provided by Virgin start-up is not-for-profit Virgin Corporation for the entrepreneurs. We offer government funded start-up loans as well as discuss various business advice to the new business initiators who are interested in debuting or growing their business in the United Kingdom. The new entrepreneurs can borrow up to €25,000, and they have a fixed 6% interest. The loan term of the Virgin Companies is 1 to 5 years, and they will provide free mentoring. Till date, they have helped thousands of start-ups including food, drinks, pop-ups, hairdressers, apps and shoe shops as well. You can see how they turned their idea into a reality in their website.
Crowdfunding: Crowdfunding is getting popularity rapidly. If you are the new entrepreneur, then you should try taking a loan from the crowd cube. Crowdcube is one of the most popular crowdfunding platforms for getting loans, and companies like EscapeTheCity fund this. Another attractive option for taking crowdfunding in the UK is the Seeedrs. From the October of 2012, Kickstarter has been available to the population of the UK. This is more of a pre-sale stage than funding place but acquiring funding from the clients is better than getting from the investors. A Welsh bed and breakfast hotel is such a business that has taken advamtage nof this.
Silicon Valley Bank: SVB has been established in the United Kingdom for a quite long time, and one of the reasons the new entrepreneurs bank with Silicon Valley Bank is that SVB gets tech start-ups. For this reason, if you are a tech start-up funded by the VC then this bank is more likely willing to expand you a loan to assist your funding better. It is approximately a no-brainer to submit an application to SVB if you are the right type of start-up.
For this reason, if you are looking for a start-up loan in the UK then you can take help of these three options.