Virgin Start-up Business Loan Review

Starting a business for anyone can be a daunting process. I knew that I would need funding, but more importantly, that I would need assistance through mentorship or coaching.

The discovery of the Virgin startup loan was a breath of fresh air because they offered all I needed for my new business. In keeping with the Virgin brand, the loan and mentorship seem quite accessible and the application process straightforward. 

The website boasts many success stories- businesses who they've helped SO I worked extremely hard on my idea and product to get it to a reasonable level so that I wouldn't have any issues when it came to communicating the idea. In my head, the Virgin's brand is one of trust and inclusion so at least I thought that at minimum they would give me the time of day and maybe even point me in the right direction.

At best- I thought that I too would access some good mentorship support to finally turn my long-time business ambitions into reality. I was not prepared for what would happen next. After completing the fairly straightforward form and waited patiently- this was the response I received. 

Note: Undertaken a significant amount of work with another start-up provider, meaning that they cannot work with you.

Of course, this is a mistake (and no one knew it better that I did) so I wrote an email back to the senders  and explained that they've got it wrong and that I haven't received any other funding and that I have been preparing my idea for a long time to approach Virgin start-up loan. 

Being a "for the people" brand, I thought that they would have responded and acknowledge their mistakes, but even after weeks I still haven't heard a single word from anyone. I mean- I would understand if they told me that my application was unsuccessful for a valid reason. But for them to tell me that I already had funding from another organisation and to refuse me on that ground- is nothing short of a ridicule. 

I think by anyone's standards- that is just wrong! Thinking that I might have ticked a field on the application form incorrectly, I completed another one and guess what, the same autoresponder spat out the same email a few days later.

What worries me most about these organisations is that the people making these snap judgements might themselves be happy in a day job (not to undermine a day job) so they probably don't appreciate the level of passion and efforts that entrepreneurs like myself exert in their business idea. 

They probably don't appreciate that it took me over 10 years to develop the skills and accumulate the knowledge that am bringing to this business. In any case, it's unfair and give false hope to people like myself who may see these schemes as an option, just to be let down on the grounds of a make-up reason. 

It seems like someone decided to send the most suitable email as part of their decision making process. Being the defiant entrepreneur that I am, I've now resorted to other options and am now paying for coaching with the intention of approaching a more reputable organisation. 

I sense that other people out there might have experienced the same thing as well but they might not want to upset the super-power!  In any case, I would advise people exploring funding options, not to put their eggs in one basket and don't assume that you will be treated fairly, regardless of what their website or press releases might says. 

The other thing is that they don't have a telephone number and don't assume that they will answer your emails either. I have recently learnt of other others that includes Crowdfunding platforms.