Funding a MagiKats Franchise

Funding your new business can be a daunting task. You may not have the savings, or you may not want to use savings, in case of a “rainy day”. You want to own your own business, but you simply don’t want to take out risky loans where your house may be at risk.

The good news is that now, we may have a solution to your problem. The UK Government is supporting individuals who wish to start their own businesses by offering funding under a ‘Start - Up Loans’ scheme. This could potentially allow you access to sufficient funding to purchase a MagiKats franchise and start trading.

Details of the scheme are as follows;

  • You can apply for any amount from £500 to £25,000 to start your business

  • If the business has two owners (e.g. business partners or a husband and wife team) then both parties can apply thus doubling the amount to potentially £50,000

  • This is a personal loan which you use to get your business up and running however it is ‘unsecured’ meaning that you are not putting your property at risk (as is the case with many loans)

  • The rate of interest on the loan is an attractive 6%

  • You have a period of between 1 year and 5 years to repay the loan with no early payment penalty

In order to qualify for the funding you must;

  • Live in the UK

  • Be 18 or over

  • Have an existing UK based business that’s been trading for less than 24 months, or alternatively plan to start one.

To summarise, you have an opportunity to access funding without having to put any of your own money in initially and without putting your property (or even without owning a property) at risk.