Startup Loans Helping Entrepreneurs To Be Where They Want To Be

Startup revolution in Britain is not showing any signs of slowing down, especially when 660,000 startup businesses are seeing the lights in the last year, according to a report by the Centre of Entrepreneurs. The number was 608,110 in the previous years, which shows how significantly the startup craze is increasing.

The credits for all the startups go to the entrepreneurs for sure, but the startup loan schemes have also played a vital part in all of this. In the year 2012, the government of United Kingdom launched a combination of a well-suited business support package and a low-interest loan. This government-backed initiative has funded more 50,000 new startup businesses over the years. It’ll be doing so more in the upcoming years.

The year one survival rates for these startups are currently at 92 percent, which is a good sign for entrepreneurs starting a new business.

Love Corn, the startup couldn’t be at the place they are now if they hadn’t got the backing of£50,000 (the equivalent of $66,000) by the delivery partner Virgin. This business was founded by the team of Jamie McCloskey, who basically traveled the entire world for one bit of inspiration until he came up with the unique roasted corn snack idea around the beginning of 2016.

According to him, they had their 1st product run around the October of 2016 and later attended the trade show where they got to meet Planet Organic, an organic supermarket who loved their brand and the entire packaging. All of them knew that they need to increase their production capacity because they were getting much attention from the retailers. But sadly, they didn’t have any funds to back their production.

Lucky for them, Mr. McCloskey came across to an ad for the Virgin StartUp. Later he approached them and got the funding. This £50,000 loan started their cash flow. They invested it on their first major production run that was the catalyst to their success to date.

This is just one startup that I’m mentioning. There are thousands of them who realize how lucky they received proper funding at the right moment. For the same reason, many popular brands and companies that we know as giants in their industry are here at their position. No matter how successful they are, they will always remember the loan they took to get the momentum.

If they hadn’t got the backing, we wouldn’t have got the amazing products and services that we are getting from them now. But it wasn’t easy for them. However, getting a loan for a startup has become much easier nowadays. There are many ways you can get your funding.

Crowdfunding is the most popular one these days. But financial institutions are also trying to be involved with new startups. But in this case, the risk score is a thing. If the bank thinks that your idea is worth their backing, you’ll get your funding in time. But never lose hope. If you have a solid plan, you will get it done, one way or another. So, trust your idea and start executing your plan, and reach to where you want to reach.

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