Start Up Loans is available to businesses yet to launch or those that have been trading for up to 12 months; in certain circumstances this may be extended to 24 months.
The scheme offers free pre-loan support, advising on drafting business plans and cash flow forecasts, ensuring applicants are in the best possible position to receive funding. Once their application has been approved, loan recipients are also granted access to expert mentors, free training and exclusive business offers.
As one of the scheme’s chosen corporate partners, Bartercard will offer Start Up Loans recipients with the opportunity to utilise their spare capacity, protect their cash flow and meet a group of likeminded peers to trade with through a well-established network of business entrepreneurs.
With business-to-business bartering now an established alternative to traditional methods of trading, entrepreneurs and young businesses across the UK can ensure managing cash flow, reducing outgoings and boosting profitability remains a constant in any economy.
Start Up Loans recipients joining the Bartercard network will not only gain access to new customers by expanding their business reach, but the opportunity to welcome income on top of what they are already receiving, helping to increase profit margins.
In addition, bartering adds another dimension for entrepreneurs as cardholders can spend and accept trade pounds to grow their business, move excess stock and idle inventory. By helping businesses put inventory, equipment and employees to more effective use, members can effectively convert downtime and spare capacity into extra revenue by utilising the trading network as a key business tool and source of revenue.
Brian Whitford, Head of Marketing for Bartercard UK, said: “We are delighted to announce our new corporate partnership with Start Up Loans. The scheme has already been able to help so many businesses across the UK and we’re delighted to combine our offering to help young businesses excel. The UK bartering market is expanding rapidly, as more people are using barter as a way of getting value from spare capacity and excess stock. As a result, we can provide Start Up Loans loan recipients a huge network of businesses who trade together and a dedicated market that is not available to competitors.”
Start Up Loans have already approved and funded over 25,000 new businesses. The scheme is the brainchild of Lord Young and is chaired by ex-Dragon, James Caan.
Sarah Gibb, Head of Business Support for Start Up Loans, added: “We are delighted to be collaborating with Bartercard by offering Start Up Loan recipients the opportunity to benefit from this exclusive offer and join their network of more than 55,000 card holders. With a trading community of more than 30,000 businesses globally, Bartercard provides a great platform for startups that have come through the scheme to promote their business and increase customers and sales.”
