SCHOOL for Start-ups, which offers government-backed loans and mentoring to start-up businesses, has secured a partnership deal with Barclays.
The new arrangement will see Barclays integrate School for Start-ups’ Launcher programme into its start-up lending and new business account opening processes.
Any business that Barclays is unable to provide with a loan, which it says is typically due to a lack of credit history, will be informed of the Launcher programme.
The programme combines government-backed start-up business finance from the Start-Up Loans Company, with mentoring.
The package is free, but entrepreneurs need to repay their loan between one and five years, at a fixed APR of 6.19 per cent.
Doug Richard, founder and CEO of School for Start-ups, said: “The fact that Barclays has chosen to collaborate with School for Start-ups and our Launcher Programme means we can work together to combine our offers.
“Doing so will mean we can ensure start-ups are getting all the banking, funding and mentoring support they need to grow into successful businesses.”
Steve Cooper, Barclays’ head of personal and business banking, added: “Alongside access to appropriate sources of finance, we know that many new SMEs also need help with mentoring and need practical guidance to give their companies the best possible chance of success.
“By joining forces with School for Start-ups we will be able to provide this, and help give new SMEs the kick-start they need.”