The NEA scheme and the Start Up Loans programme are mutually exclusive packages of support offered by government to help people set themselves up in their own business. The individual elements of those packages are not interchangeable.
Individuals cannot have an NEA referred loan and a Start Up Loan concurrently. If you take an NEA referred loan, you may later be able to apply for a Start Up Loan when your business is ready for more funding. In this instance you must: demonstrate the business case for further funding; go through the full Start Up Loans programme; not currently be in arrears; not have been trading for more than 12 months; and use the Start Up Loan to immediately pay off your NEA referred loan.
Posted in: Start Up Loans FAQs