The Start Up Loans Company (SULCo), a subsidiary of the British Business Bank, provides government-backed personal loans of up to £25,000 at a 6% fixed interest rate per annum together with free mentoring for start-ups and early-stage businesses. Since the scheme started in 2012, SULCo has provided funding for more than 50,000 great business ideas and provided more than £345m of funding, helping to back 27 businesses a day, and contributing to the creation of more than 60,000 jobs.
The primary aim of the Start Up Loans scheme is to ensure that viable start-ups and early-stage businesses have access to the finance and support they need in order to thrive. A network of Delivery Partner organisations support applicants in all regions and industries throughout the UK. The funding for SULCo is provided by the Department for Business, Energy and Industrial Strategy.