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06/06/2012 - New Communications Financing Scheme for UK Start-ups
The BT Local Business KickStart Scheme is a corporate finance programme offering start-up businesses the chance to lease technology and telecommunications solutions.
The scheme aims to help small businesses raise funds in a challenging economic climate and to avoid having to rely on bank loans, overdrafts or credit cards.
Participating businesses will be entitled to an average loan of £3,000. The cost of the loan will be less than £20 per week and can be added to as the business grows. The maximum total loan amount which can be given towards leasing technology and telecommunications solutions will be £15,000 per business.
Businesses will have the opportunity to purchase a range of technology and communications products and services including:
- Telephone systems
- Handsets
- Connection charges
- Software licences
- IT equipment such as laptops
The scheme is open to small to medium-sized start-up businesses that have been trading for under three years in the UK. The business must be a new or existing BT customer. There are no restrictions on the industry within which the applicant business may be operating.
Speaking about the launch of the scheme, Declan McGlone, general manager of BT Finance, BT Business said:
"The UK has an average of 270,000 start-up businesses every year. In light of the current economic climate we want to help these businesses access the products and services they need to get their new venture up and running. Our ‘KickStart Scheme’ offers finance over a fixed term, at a fixed rate, making it easier for customers to budget."
Karina Knudsen, Head of Business Development at the British Chambers of Commerce also welcomed the launch of the new scheme. She said:
"The BCC has long called for more support for small businesses. Financing that specifically helps start and grow new ventures will considerably reduce the current credit difficulties that owners face."
There are no stated deadlines; therefore applications for support may be submitted at any time.
Source: btlocalbusiness.co.uk, 06/06/2012
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