Frequently Asked Questions
Can I speak to someone about applying for a Start-Up Loan?
Yes, please call us or send us an email and we will get back to you asap
Am I eligible?
To apply for a Start-Up Loan with Twins StartUp, you must be at least 18 years old, hold an EU passport (or have a valid UK visa), and your business must be less than two years old.
How much can I borrow and what are the terms?
You can borrow anything from £500 to £25,000, repayable over five years, at a fixed annual interest rate of 6%, with no early repayment penalties. Average loan size: £7,500.
How long will it take to receive my loan?
There is no specific timeframe from registering to being approved for a Loan. Every founder and business idea is different and at varying degrees of progression when they apply to us. Some take three weeks to process, and some take almost a year!
We must fund businesses at the right stage when they are ready for funding, and we’ll work with you to get you to that stage. However, your engagement with the process and how proactive you are throughout will play a critical part in the length of time it takes.
What happens after I register?
I'm an international student living in the UK. Can I apply?
Yes, international students living and studying in the UK can apply, but your visa must permit you to work in the UK, and your business plan must clearly show that you’ll be able to repay your Loan during the length of your stay.
Can I use the Loan to buy a franchise?
Yes – subject to our normal lending conditions
What is a mentor?
A mentor has business experience who will provide support and guidance to help make your business a success.
What additional support do you provide?
Twins StartUp isn’t only about Loans. We’re not like a regular lender, we’re built by founders, for founders: we offer you our wisdom and knowledge to help your business grow. With every Loan comes six months of post-funding support from Twins Group, who are experts in what it takes to start a successful company.
- Business Advice – every eligible Loan applicant is partnered with a business adviser who will help you complete an entire business plan and set of financial projections
- Startup Loans range from £500 – £25,000 per co-founder, with a fixed interest rate of 6%. Repayment terms can be up to five years, and there are no early repayment penalties. Average Loan size £10,000
- Every Loan comes with exclusive opportunities throughout the Twins StartUp
- Expert guidance to help you start and scale your business.
- A dedicated business advice helpline.
- Regular opportunities to meet with expert mentors and like-minded founders.
- – An experienced mentor who’ll work with you for six months.
Do I lose my Jobseeker's Allowance if I take out a Start-Up Loan?
Yes, you will likely lose your Job Seeker’s Allowance if you receive a Start-Up Loan. For more information – find out more here
What impact will Covid-19 have on my Start Up Loan application?
The Start-Up Loans programme has not been affected or interrupted by the Covid-19 pandemic. You can still apply for a Start-Up Loan, and we will continue to provide business advice.
My Start-Up Loan application was declined. Can I appeal?
Every application for a Start-Up Loan is reviewed on an individual basis. Should your application for a Start-Up Loan be declined and you feel the wrong decision has been made, you can appeal the lending decision within 30 days of receiving the decline outcome notification. You can file your appeal directly with the Twins StartUp by emailing us at info@twinsstartup.com.
You still have a question?
Cannot find the answer to your question in our FAQ, you can always contact us directly