Virgin Bank offers a range of support for small businesses. Along with Virgin's Business Access Savings Account and Fixed Rate Savings, Virgin is also a Start Up Loans Delivery Partner. Here are the key details:
- Start Up Loans are personal loans available to entrepreneurs
- Each co-founder can borrow a sum of between £500 - £25,000 over a 1-5 year term
- There's a fixed rate of 6% per annum
- You won't face any early repayment fees if you grow faster than expected
- There are no set up fees with Virgin Start Up Loans
If your application for a Virgin Start Up Loan is successful, you'll also have access to 12 months of support Virgin business loans, including:
- Guidance on how to start your business
- Advice on how to scale up and grow
- Access to a business advice helpline
- The opportunity to meet up with mentors
- Six months of mentoring with an experience specialist
- Promotional opportunities at Virgin StartUp, such as being featured on the Virgin StartUp website and presenting at events
- Access to tools that help you grow your business
- Access to events and masterclasses
To apply, you'll need to be at least 18 or older, live in the UK, and have a business that's less than 2 years old.
Alternatives to Virgin Money Small Business Loans
Virgin Money doesn't currently offer business loans to SMEs that have been trading for over 2 years. So, if you're an established business looking into Virgin Money business loans, you should consider the other options available to you from both the top tier lenders and alternative finance providers.
If speed and flexibility are important to you, it's worth looking into an alternative business loan. Because alternative finance providers look at different criteria to the big banks, you'll often find that they're able to approve loans much quicker and are also able to offer more flexible terms. For example, Virgin's Start Up Loan can take several weeks to be approved, whereas alternative finance providers can deposit the funds in your account within 48 hours of application.
You can find out more about the alternative finance products currently available to UK SMEs by reading our guide. Or, if you're ready to apply for a small business loan with Fleximize, you can do so by clicking the button below.