At start-up, with no track record and a lack of financial collateral, debt finance can be hard to get, especially for the financially excluded. Under-capitalisation is also a significant issue for women starting businesses – and in today’s economic climate, it’s equally as challenging to access finance for working or growth capital.
As a National Delivery partner for the government’s Start-Up Loans scheme, our Outset Finance service offers our clients holistic support when it comes to accessing finance – particularly those that might struggle to get a loan from mainstream lenders or have been rejected by the bank.
Our team works with new clients to ensure that their business plans and financial forecasts are de-risked, robust and well-written in order to increase their chances of loan approval. While other loan companies offer money-only solutions, Outset Finance will match successful Start Up Loan applicants with a suitable mentor who will help them navigate any tricky problems beyond finance. They can also attend any of their local Outset workshops or log on to Outset Online for free access to video tutorials, business calculators, hand-outs and other resources.
Since 2014, we have secured £20m in start-up loans for clients around the country and we offer both pre-application support and 12 months of post-loan monitoring for all successful applicants. If a client doesn’t meet our loan criteria, they are referred to one of many partner funder organisations including Community Development Financial Institutions (CDFIs), credit unions, high street banks and angel networks.
The confidence that Outset Finance helped to give us was extremely valuable in helping us to make the leap into running our own business