If your New Year’s resolution is to set up your own business, but you’re not quite sure how you can afford to get started, then talk to the Credit Union as we may be able to help.
After the last couple of years, self-employment is starting to seem like an attractive option for many of us and, with the right ideas and support, it can provide an escape from the regular nine to five routine, with the chance to be your own boss.
However, starting a new business often involves a financial outlay to get the ball rolling, for things such as equipment, raw materials and a website, or perhaps you need to convert one of the rooms in your home into an office. These set up costs can be a stumbling block for many people, but one of our low cost Credit Union loans could be the solution you need to get your business off the ground.
We offer loans of up to £25,000 above savings, starting from just 2.9% APR. You can apply for a loan as soon as you join the Credit Union, but often we will reward you with lower interest rates if you have saved with us first. Having saved with us also greatly increases the chances of your application being approved.
To apply for one of our low cost loans, you must first join the Credit Union as a member. When your loan is approved and, if you are not already a member, you must open your account with a minimum £20 or £50 deposit to your savings account.
The granting of the loan is based upon evidence of affordability. Unlike other lenders, we will not judge you if you have had financial problems nor will we encourage you to borrow more than you need or can afford.
Credit Union Chief Executive Martin Groombridge said: “More and more people are recognising the benefits of working for themselves, but getting started can often cost more than they can afford. It isn’t always easy to get the initial funding, but one of our low cost loans could be the answer. We’ve helped lots of people get their own business off the ground over the years and we’re always happy to consider new ventures.”
You do not have to come into the office to take out a loan with us. Simply join online and register for new online account management. You can then submit your loan application online, approve the loan agreement online and we can then transfer the funds direct to your bank account.
Click here to find out more about the range of loans we offer – and good luck with your new business!