Start up loans mentoring: What is it?
The Start Up Loans scheme is not only a way to access a low cost loan to kick-start your business; you’ll also gain access to a Mentor Group or a one to one business mentor; they will be on hand to guide you through the travails of your first year in business.
We define mentoring as a key part of the Start Up Loans Scheme: A professional relationship where an experienced person assists another in developing specific skills and knowledge that will enhance the less experienced person’s professional and personal growth.
Not only is mentoring a vital part of the Start Up Loans scheme, it’s also a powerful tool to help you learn and develop as an entrepreneur, and to give you the best possible chance to succeed in launching a viable and sustainable business.
Research shows that businesses that seek mentoring are 30% more likely to increase their turnover compared to those that do not (Getmentoring.org) and the Small Business Survey 2010 found businesses that had received mentoring were 80% more likely to be aiming to grow their business over the next two to three years.
Our Start Up Loans mentors are businesspeople or entrepreneurs who give their time (for free!) and are committed to helping the next generation of entrepreneurs. You will definitely be in good company!
Successful Start Up Loan client Amy Barker of Monks and Co Clothing had this to say about the support from her mentor:
“I speak to my mentor a lot to bounce ideas around. He gives a different perspective, which is invaluable, as it often gives me new ideas or another way of looking at things. It’s really handy to have a person who is not so close to the business, but has all the business experience and knowledge.”
Once your Start Up Loan application has been drawn down, we will either invite you to join a Mentor Group or a mentor will be assigned to you, based on their skill set or experience relevant to your business needs. They will be on hand to provide you with support and guidance, as well as sharing their knowledge and experience with you.
You’ll have access to your Mentor Group or one to one mentor for two hours each month for the first three months of trading, and then one hour per month for the following nine months.