Funding available to start a new business
WSX Enterprise say there is now additional funding to help people who wish to become self-employed and set up a business. The government-backed start-up loans are now available to anyone who wishes to set up a business or who has been trading for less than one year. Along with the loan, WSX will provide a business mentor to work with successful applicants, providing help and support as they establish their new business.
Loans of up to £9000 are now available for new business ideas. Interest is fixed at 6 per cent and the new entrepreneurs will have up to five years to pay back their loan. Capital repayments of the loan can be frozen for up to one year allowing new businesses to become established. And crucially, each applicant will be assigned the support of a business mentor who will work with the person to develop the business idea and prepare the business for launch. Having a business mentor to bounce ideas off and to guide people through the complexities of establishing a business lowers the risk considerably and ensures the loan money is spent wisely. There is even free help with putting the application together.
Applicants can come from anywhere including people leaving education, graduates, unemployed, people made redundant, mothers returning to work after a family break and people currently in employment but who are looking to make a change and start up on their own. Loans can be used for anything related to starting a business.
Ian Girling, WSX director, comments: “Securing finance to start your business is often the main barrier for new businesses. This scheme is aimed directly at new business start-ups that may find it difficult to get loan finance through the traditional routes. The terms on offer with the start-up loan are really favourable and the idea of having a mentor to guide you through the pitfalls of a new business means you can seize this opportunity with both hands.”
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An application form can be downloaded from the WSX website www.wsxenterprise.co.uk or if anyone has any queries about the scheme they can telephone WSX on 01329 223212.