Yes. Being turned down by your bank doesn't stop you getting a Start Up Loan. The scheme was set up for people starting out who find it hard to borrow from mainstream lenders.
How a Start Up Loan is different
- No trading history needed. Banks often want two to three years of accounts. Start Up Loans are for businesses that are pre-launch or trading for up to 60 months.
- No security or guarantor. It's an unsecured personal loan. See Is a Start Up Loan a personal loan? Do I need security or a guarantor?.
- A fuller picture. The assessment looks at your credit history, your personal budget and your business plan together, not a single credit score.
- Help with the paperwork. Your advisor and myplan help you build your plan and forecast. See What is myplan, and do I need a business plan before I contact you?.
What's still checked
You still need to meet the criteria and pass the scheme's credit check, and the loan has to be affordable. See Start Up Loan eligibility: am I eligible? and I have poor credit history: will I be declined?.
Why the bank said no matters
If you were declined for a reason that also affects a Start Up Loan, such as a bankruptcy or an active debt arrangement, tell your advisor early. See I have poor credit history: will I be declined?.
Last reviewed: 8 October 2026