About

FAQ

Q: How long do I have to send in my Start Your Enterprise form?
A: 2 weeks from the time we send it to you. If we do not receive the completed form from you, we will assume you do not want to proceed and mark your application as withdrawn.

Q: What is the interest rate?

6.00% per annum 6.19% APR representative with repayment terms over 12 to 60 months.

Q: How long do Capitalise take to make their decision on my completed Loan application pack once it is submitted?
A: We will be in touch within 10 working days from the time we receive the completed pack.

Q: How should I send in my Application pack?
A: By post to Capitalise Business Support, Summerfields Business Centre, Bohemia Road, Hastings TN34 1UT.

Q: What can I use the Start-up business loan for?
A: Any purpose related to starting or running your business, including working capital. Unfortunately, anything that is dependent upon you ‘passing something’ like driving lessons, training courses, etc which would prevent you from starting-up if you did not pass are not included.

Q: Does a poor Credit History affect my chances of getting my loan?
A: Not always; we treat each application on its merits – we are interested in the steps you have taken to address any credit problems, however it is vital that you declare everything in the application, including where you have made arrangements with your creditors. However, if you have existing judgements, defaults and debt management programmes, your application will be subject to much closer scrutiny and may fall out side of our credit policy. We recommend in this case, that you get in touch at the earliest opportunity.

Q: If I have personal unsecured debts (i.e. excluding a mortgage loan) of more than £20,000 can I still apply for a Start Up Loan?
A: Yes, but we will require evidence that your borrowing is up to date and satisfy our credit team that the additional borrowing is affordable.

Q: What if I have been Bankrupt, had an Individual Voluntary Agreement (IVA), a Trust Deed, a Debt Relief Order (DRO), am in a Debt Management Programme or Debt Arrangement Scheme, or have County Court Judgements registered against my name?
A: Please email loans@ldbgroup.co.uk with full details and ask us whether or not you are still eligible to apply.

Q: If, in addition to my Start-Up loan, I am obtaining additional funds from a different source in order to start my business, will I need to prove I have obtained these other funds before my Start-Up Loan is paid out?
A: Yes, in our offer letter we will ask you to provide proof that the other funding is already available in your bank account; or that the other loan has been approved.

Q: If, in addition to my Start-Up Loan, I am using my own savings to start my business, will I need to prove I have these other funds available before my Start-Up Loan is paid out?
A: Yes, in our offer letter we will ask you to provide proof that the other funding is already available in your bank account.

Q: Do I need to have been declined by a bank to qualify for the loan?
A: Yes, you will need to have been declined by a bank or received an offer of loan finance at a rate of 15.5% per annum or more. Where you have a decline letter or email, or an offer of finance at 15.5% per annum or more, please provide a copy of this with your application.

Q: Can I apply for a Start Up Loan in place of an offer of finance I received from another lender?
A: Yes but only if the interest rate on the finance you were offered is 15.5% per annum or more. If this is the case, please include a copy of the offer of finance when you submit your application to us.

Q: How flexible is the loan if I want to pay it off early?
A: You can pay it off early without incurring any penalty charges. Call us on 0844 9432988 for a settlement figure.

Q: Can I increase my monthly payment to pay the loan off early?
A: Monthly payments can be increased without incurring any penalty charges. Call us on 0844 9432988 to make arrangements.

Q: How is interest charged on my loan?
A: Interest is charged on a daily basis and debited monthly meaning that if you repay early or at a faster rate, you benefit from a lower overall cost.

Q: If I have already started my business, can I still apply for a Start-Up Loan?
A: Yes, provided you are still in start-up phase and it is less than 12 months since you started trading.

Q: If there are two or more people going into business together and they are all eligible for the Start-Up Loan scheme, can they each have a Start-Up Loan?
A: Each person can apply for their Start-Up Loan in their own right providing a copy of the shared Business Plan – which must show there is a need for the total amount required. If more than 3 people wish to apply together and/or if any loans in aggregate to one business is equal to or exceeds £20,000, please check with us first as we would need to understand the background and legal status of the business.

Q: What happens if I take out the loan but my business proves to be unsuccessful?
A: You are still responsible for repaying your Start-Up Loan.

Q: If I have already started my business, can I still apply for a Start Up Loan?
A: Yes, as long as your business is still in the start-up phase and has been trading for less than 24 months.

Q: What if my business has been trading for  more than 24 months, where can I access business finance?
A: Visit Let’s Do Business Finance, they help profitable and growing companies looking for finance to expand or take on new employees.

Q: My loan application has been declined, can I appeal the decision?
A: We’re committed to treating our customers fairly and as part of our loan application process, you can appeal a lending decision if your application has been declined. View our appeals process here.

Our involvement in the Start-Up Loans scheme is being supported by the Department for Business, Innovation & Skills and The Start-Up Loan Company Limited.

Feel free to visit our resource centre and blog for advice and information.

If you have a question, you can get in touch on 0844 943 2988, via email at loans@ldbgroup.co.uk or follow us on Twitter @ldbstartup.

Address

  • Address: Let's Do Business Group
    8th Floor,
    Ocean House,
    87-89 London Road,
    St Leonards-on-Sea,
    East Sussex. TN37 6LW
  • Email: loans@ldbgroup.co.uk
  • Telephone: 0844 943 2988 (Calls cost 5p per minute plus your phone company’s access charge. If your mobile tariff allows free calls to landlines, you can call 01424 205 500.)

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