Frequently Asked Questions
What is a Start-up Loan?
A Start-Up loan is a government-backed personal loan to help you fund your business ideas.
What can I get a loan for?
A Start-Up loan is specifically to help small to medium enterprises (SME’s) get started in business. It is not a loan for buying personal items.
Is Smorgasbord a Start-up Loan provider?
No, we are not a loan provider. We have experienced business advisers that work with the leading delivery partners to help you to ensure your loan application has the best chance of being approved.
How long does the loan application process take?
In our experience, this is dependent on the applicant and how quickly they return information that is required. The quickest applications can be completed in 2 to 3 weeks. Others can take a few months and is dependent on how much support the applicant needs.
Why take a Start-Up Loan rather than a high street bank loan?
A government-backed Start-Up loan comes with FREE business support and mentoring provided by delivery partners. The support helps you through the loan application process and mentoring helps you through the first year of your business.
Isn't a Start-Up loan more expensive than a bank loan or overdraft?
Not really. Bank rates vary and when you take into account the free mentoring you get, a startup loan is more than competitive.
How new does the company have to be to qualify for a Start-Up loan?
As long as your business is less than 2 years old, you can apply for a Start-Up Loan.
Can I still use Smorgasbord products & services without applying for a Start-Up Loan?
Yes, absolutely. As business advisers, Smorgasbord offers a range of services to help businesses starting out. You do not have to apply for a Start-Up Loan to access our other services.
Where is Smorgasbord based and what area do you cover?
We are based in Loughborough and London, but we cover the whole of the UK.
What makes Smorgasbord different?
We believe that all young businesses, not just the sexy technology-based ones, deserve the same level of support from people like us; experienced, dedicated, knowledgeable, friendly advice.
How can you provide so many different services?
We deliver great value services ourselves, but we have also searched for like-minded partners that are prepared to offer ‘something for very little’ at the early stages of your business, with a view to earning money by being with you for the long haul.