Starting a small business has always been tough. With no revenue stream and no trading record it's difficult to borrow money for the things you'll need to succeed. Like a good website. Or your first delivery van. Or signage for your premises. Or raw materials. Or shop fittings. Or kitchen equipment. Or tools. What you need is a small business start-up loan. But for new ventures, they're hard – and expensive – to find.
It's always been that way. In 1603, businessman Thomas Arneway left instructions in his will that part of his estate should be sold and the proceeds used for the benefit of 'honest young men' in business who were eligible to receive loans up to £50 for up to two years. He also wanted his small business loans to be affordable.
The Thomas Arneway Trust has been in operation since then. The cap on small business start-up loans has grown with inflation to be £10,000 today. The rate for lending is one percent above base rate. The term of the loan is three years. And the 'young men' stipulation has been removed. Today, we make small business finance available to women and men.
If you’re starting or growing a small business, and you need funding to help it succeed, read on...