Today I received an automated email stating:"Your Start Up Loan application has now expired, as we were unable to make a full assessment of your application in 90 days"Credit checked were passed and after two weeks the business plan had no outstanding information.The irony is that one month ago I asked the business partner about updates and that I was concerned about reviews of applicants waiting 3-6 months for a decision. They told me that they have never had an application take that long. I was told to take assurance that they are a senior underwriter and that things will move quickly after a meeting with credit team that they are waiting to hear from.Surprise, surprise, my application has no lapsed and all previously submitted information are invalid.I would encourage anyone to apply but set extremely low expectations. Have a plan B. If you apply with the view to capitalise on a opportunity in the next 3-6 months, pursue other avenues as well.It's shocking that applications for small amounts of funding that are not grants or business loans but personal loans take lots of paper work and months to receive a decision. Either the credit team is under recoursed or have ancient and slow business processes.
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The Start Up Loans Company was established in September 2012, with a mission to help new and early-stage UK businesses access affordable finance and mentoring support.
