Virgin StartUp Business Loans

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  • Virgin StartUp is a provider of Start Up loans. Find out what options are available, whether your business may be eligible, and how to apply.
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Last updated on 28 June 2022.

Virgin StartUp is an official delivery partner of the Start Up Loans scheme, which provides loans of up to £25,000 to eligible businesses, per founder.

As a partner, Virgin’s business experts can help you prepare your application in order to maximise your chances of success.

Start Up Loans is a government-backed scheme that’s administered by the British Business Bank.

On this page, we’ll explain who is eligible for a Virgin Startup Loan, how much finance you can access, and how to apply.

What is a Virgin Business Start Up Loan?

Virgin Start Up Loans allows each co-founder of a business to potentially take out an unsecured personal loan of between £500 and £25,000.

There are no set-up or early repayments fees and the loan can be paid back over anything from one to five years at a fixed interest rate of 6% per year.

Virgin is a national delivery partner for the Start Up Loans scheme, meaning it is responsible for helping applicants prepare their business plans and cash flow forecasts, and making the final decision on the success of an application.

If your business successfully secures a Start Up Loan, it can also provide ongoing mentoring and support.

Features of Virgin Business Start Up Loans

  • A Start Up Loan is an unsecured personal loan that must be used for business purposes
  • Your business could borrow between £500 and £25,000 per co-founder
  • The average amount raised is £7,200
  • Repayments can be made over one to five years at a fixed rate of 6% per year currently
  • Available to businesses that have been trading for less than 36 months

» COMPARE: Start Up Loans

Am I eligible for a Virgin Business Start Up Loan?

In order to be eligible for a Virgin Start Up Loan, you must:

  • be at least 18 years old
  • be a UK resident and a UK-based business
  • have been trading for less than three years
  • be unable to secure funding from other sources
  • have the right to work in the UK
  • use the loan for business purposes
  • pass credit checks and be able to afford to repay the loan

How do I apply for a Virgin Business Start Up Loan?

You can apply for a Virgin Business Start Up Loan online.

To get started, enter your name, email and phone number and you’ll be taken to the Start Up loans website to complete the rest of your application. Start Up Loans will then review your business plan and cash flow forecasts, and run a credit check.

You’ll generally receive a call from Start Up Loans within two working days of submitting your application. They’ll ask you some questions and let you know the next steps.

If your application is rejected and you think the decision is wrong, you have 30 days to appeal. If this is unsuccessful, you have to wait six months before you can apply again.

It could take anything from three weeks to a year for your loan to be approved, depending on how proactive you are and how advanced your business is.

What business loan rates could I get with Virgin?

No matter your business circumstances or repayments terms, the interest rate for all Virgin Start Up Loans is fixed at 6% per year currently.

What do Virgin StartUp customers say?

On Trustpilot, Virgin StartUp has been rated 3.8 out of 5 based on 8 reviews.

This information is true as of 15 June 2022.

Conclusion

A Start Up Loan secured through Virgin StartUp could provide you with between £500 and £25,000.

There’s no minimum trading requirement, so even if you’ve had very limited business activity up to the point of application, you may still be able to secure funding.

If successful, you can also receive support in the form of expert guidance from business advisers and six months of mentorship. You could start your application today and have the funding in as little as three weeks. It may be a good idea to investigate other funding opportunities to compare terms and to make sure you are finding the right deal for your business.

Virgin Business Start Up Loan FAQs

Do you have to pay back a start up loan?

Yes, you have to pay back your Start Up Loan.

The interest rate is fixed at 6% per year, but you can choose repayment terms of anything from one to five years.

Can I get a loan for a business idea?

With Virgin Start Up Loans, you may be able to get a loan for your business idea. There’s no minimum trading requirement, so as long as you have a strong business plan and decent credit history, you might be approved for a loan.

Which loan is best for startups?

If you’re a startup looking for funding, the Start Up Loans scheme may be something to consider. It provides loans of between £500 and £25,000 to new businesses and any business that has been trading for less than three years.

Services offered by this provider may change over time. Always check Ts&Cs.