Newable steps up with Start Up Loans

Newable, the service provider to start-up businesses, has been selected as the national delivery partner for the Start Up Loans company.

The Start Up Loans company is a privately-owned company and was formed in 2012 to work on behalf of the Department of Business, Energy and Industrial Strategy.

It provides personal loans for business purposes and offers free dedicated mentoring and support to each business. 

Newable will deliver the Department for Work and Pensions’ New Enterprise Allowance (NEA) scheme on behalf of the Start Up Loans company.

The scheme is designed for clients that are on particular benefits, such as Job Seeker’s Allowance and Employment and Support Allowance, who are looking to become self-employed.

The Start Up Loans company said it has delivered more than 42,000 loans since 2012 and nearly 17,000 of those have been to individuals formerly unemployed or economically inactive.

Newable said this partnership could help up to 5,000 individuals in the UK over the next two years, who may have previously been turned down by mainstream lenders, to start their own businesses.

Chris Manson, chief executive of Newable, said: “Newable’s purpose is to help people start up, sustain and scale their businesses and the relationship with the Start Up Loans company is a vital part of this.”

Newable will mentor applicants on their self-employment journey by assessing their business plans and cash flow forecasts for finance readiness and affordability in order for them to responsibly access a Start Up Loan.

It has previously provided this service for the Start Up Loans company on a local level.

Manson added: “We’re now looking forward to working with the Start Up Loans company on a national scale.”