The conditions it checks
To apply for a Start Up Loan you must live in the UK, be 18 or over and have, or plan to start, a UK-based business that has been fully trading for less than 5 years. The scheme lends between £500 and £25,000 per person over 1 to 5 years, with no application fee and no early repayment fee. It is an unsecured personal loan with a fixed interest rate of 7.5% a year, and you will need to pass a credit check.
This calculator checks each of those conditions you can enter, plus the loan amount, the term and whether the repayment fits your budget. The credit check is the lender's, so the calculator shows it as not assessed rather than guessing at it.
Worked example: £10,000 over five years
A 28-year-old UK resident whose UK-based business has traded for six months asks for £10,000 over 60 months and can repay £250 a month. They meet all seven conditions checked. The monthly repayment is £200.38, the total repaid is £12,022.77 and the interest is £2,022.77. The £250 budget would support a loan of up to £12,476.33 over the same term, and there are 54 months left before the 5-year trading limit.
When a condition is not met
The same £10,000 over 60 months with a budget of only £150 a month meets six conditions: the repayment of £200.38 is over the budget, and £150 a month would support £7,485.80. Asking for £3,000 over 12 months at a £200 budget fails the same way, because the repayment is £260.27. A business that has been fully trading for 60 months or more fails the trading condition, however well the rest goes, and the amount must sit between £500 and £25,000 and the term between 12 and 60 months.
To compare terms and see the effect of paying extra, use the start up loan calculator.
What this calculator does not tell you
It does not know your credit history, and the scheme's delivery partners and the lender decide each application on your business plan and your circumstances. A Start Up Loan is a personal loan, so you are personally liable for it. The conditions and the 7.5% rate are those published on GOV.UK at the time of the last review, so check them on the day you apply.
Use the right country page
This page stays in pounds and checks the UK Start Up Loans scheme. The country choices above the inputs open separate local pages. Choosing United States opens the US startup business loan eligibility calculator, which checks the SBA 7(a) start-up conditions in dollars. The inputs reset and amounts are not converted.
Inputs for the startup business loan eligibility calculator
Your age and where you live
You must be 18 or over and live in the UK.
UK-based business and months fully trading
The business must be UK-based and fully trading for less than 5 years. Enter zero months if you have not started yet.
Loan you want and term
The scheme lends £500 to £25,000 per person over 12 to 60 months.
Most you could repay each month
Your own figure for what the business and household can spare. The calculator compares the repayment with it and works out the largest loan it supports.
CALCULATOR QUESTIONS
UK startup business loan eligibility calculator questions
Can I get a Start Up Loan before my business starts trading?
Yes. You can apply if you have a business or plan to start one, as long as it will be UK-based. Enter zero months fully trading.
How long can the business have been trading?
It must have been fully trading for less than 5 years, which is under 60 months.
How much can I borrow?
£500 to £25,000 per person, repaid over 1 to 5 years at a fixed 7.5% a year, with no application fee and no early repayment fee.
Does this calculator check my credit?
No. You will need to pass a credit check, which the lender runs. A pass here is not an approval.
Am I personally liable?
Yes. A Start Up Loan is an unsecured personal loan, so the repayments are your responsibility.
What happens when I change country?
The United States option opens the separate US startup business loan eligibility calculator, in dollars, which checks the SBA 7(a) start-up conditions. Your inputs are reset rather than converted.