Apply for a start-up loan for your business
The UK government has mounted one of the most aggressive economic responses to the
COVID-19 pandemic, pledging billions of pounds to support businesses and Start-Ups
through the crisis. The UK government has pledged the equivalent of 8.5% of GDP towards
fighting the crisis. Much of the spending is going towards supporting businesses.
In light of the above, a government-backed Start Up loan of £500 to £25,000 to start or grow
businesses was introduced. Unlike a business loan, this is an unsecured personal loan. You
are considering a career as an entrepreneur and you are aware of the current opportunities,
hence your decision to start your own business.
To help you develop your ideas further to create a viable business start-up, address the
Apply for a Start-Up Loan for your business
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a) Construct a table to show the various legal statuses of businesses (such as PLC, LTD,
Registered Charity etc) that your business may adopt. Identify the relative strengths
and weaknesses of these legal statuses.
b) Considering your business idea, identify and evaluate the strengths and weaknesses
of THREE sources of finance available to your business start-up
In the first part of this question, you are to identify the relative strengths and weakness of the
various legal statuses or frameworks a business start-up may consider (eg. Sole trader, Ltd,
Charities). You are expected to show the above information in a table format.
In the second part, you will also be required to show how an individual might seek financing for
such a business start-up. You are also expected to explore THREE sources of finance available for business start-ups. Then you should then evaluate the strengths and weaknesses of the three sources.
maximum 1300 words
harvard style referencing ( minimum 9 references)