The PCDL Is Ending, How Does This Affect You?

The Professional Career Development Loan (PCDL) is coming to an end, which means that there will be fewer financing options. 

We don't expect anyone to pay for a course out of their back pocket, and so point people in the direction of where they can receive legitimate funding. Most of our students who are looking at financing options use the PCDL due to its validity, low APR and ease of application and repayment. 

What is it?

The PCDL is a government backed loan, facilitated through the Co-Op bank, where you can borrow up to £10,000 to go towards your course and setting up your business at the end. Its low fixed-rate APR of 9.8% has made this finance option a favourite among many of our students. It's paid back monthly between 1 - 5 years in monthly instalments. It's been popular due to the fact that it's aimed at adults who are looking to change their jobs and need financial help to follow a career they love.

Sadly however, this is ending. January 25th 2019 is the last day you can apply for the PCDL, which means that the last GroomArts course eligible for the loan is our March 2019 course. 

How does this affect me?

It will affect what course you want to join us. If you want to take out the PCDL you have to join us on or before March 2019. 

Our available courses for you to join us will be December 2018 - March 2019 as your start date is one month before you join us in-house for practical learning. 

If you're looking at joining us after March 2019 you're more than welcome! However, you won't have the ease of going straight to the PCDL as many of our students have done. 

What other options do I have?

  • Barclays Bank Loan - a private bank loan recently introduced for new businesses. APR depends on personal circumstances 
  • City & Guilds Bursary - City & Guilds will fund your course, however this is means tested and rarely granted
  • Government Start Up Loan - an unsecured personal loan where you can borrow between £500 - £25,000 to set up your own business
  • Turn2Us - a charity that will help you find local funding and sponsors for what you're looking to do

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