Tuesday 25 June 2013

2Inspire Funding News: Elevation Networks Launches Start-Up Loans Campaign to fund SMEs and Entrepreneurs

Elevation Networks became an official Delivery Partner for the Department for Business, Innovation & Skills’ Start-Up Loans initiative in early 2013. Over the coming months Elevation Networks will aim to distribute up to £5 million worth of loans to more than 2000 young people that need capital to start or grow a new business. They will be given access to a mentor, monthly training, and a number of other benefits through the initiatives Global Partners (including Ebay and PayPal). The government is aiming to set up 30,000 businesses through a new generation of entrepreneurs between now and 2015, and we hope to grow our provision from 350, to 1000 businesses. Elevation Networks is particularly keen to encourage start-ups from diverse backgrounds and will be celebrating the successes of the start-ups who take part in the initiative.

When Prime Minister David Cameron announced an extension of the Start-Up Loans initiative – to include applicants up to the age of 30 and an extra £30 million – in Preston on 3 January 2013 500 businesses had been accepted for loans.
‘This clearly demonstrates the ambition and drive people in this country have to create a business and I am pleased that Start-Up Loans are helping more and more entrepreneurs who start small but think big transform their ideas into viable, growing businesses.’- Cameron.  The programme is available to anyone between the age of 18 and 30 whose business is in England. Applications have more than doubled in the last month, from 3000 to more than 8,300 in January.

For more information on the Elevation Networks Start-Up Loans Programme contact:
Alexandra Shaw - alexandra@elevationnetworks.org
Ronke Lawal – Ronke@encampaigns.com

Notes to editor
About the Loan:
·  The average loan amount is £2,500, there is no definite limit and the final amount will be determined by       your business plan.
·  There is an option of a 1 year holiday period before beginning repayment.
·  The total interest for the loan is 3% + RPI.
·  Repayments period can be from 1 to 5 years.
·  The Start-Up loan is a personal loan, which means if 4 or 5 people from the same company apply for a loan, all are eligible for an individual loan up to invest in their business.


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    It's the same story over and over again, but they have expenses of their own to cover and
    investing in a new business is just too risky. Your new idea is a sure winner, but you have to
    convince everyone else of that fact.

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