Small loans for business first enterprise (Chargeable)

What is the loan available for?

Small loans for business provides loans to individuals to support good business ideas that could be difficult to fund through other means.

  • Secure services.
  • Purchase equipment.
  • Meet a shortfall in funding for specific new projects, not existing running costs

Capital or Revenue or both?

Both.

Percentage of Project Cost

A maximum of 70%

Eligibility Criteria

Basic criteria:

  • Applicants must be aged 18 years or over.
  • The applicant must have resided in or have had a business in the East Midlands for more than 18 months and have leave to remain in the UK.
  • The business must be located in the East Midlands.
  • The business must comply with all statutory, regulatory and legal requirements.
  • The viability of the business or proposition must be demonstrated.
  • A minimum contribution of 30% is required from you where the loan is being used to meet any shortfall in your funding requirements.

Delivery targets and required outcomes

The business must demonstrate either job creation or safeguarding.

Loan amounts available

Loans of £3,000 to £100,000 can be borrowed

Terms of the loan

Arrangement fee of 2% and security fees payable.

Repayments are made over a period of between one and five years. Interest will be charged at 12.5% for an unsecured loan, which is between £3,000 to £20,000 for the period of the loan. Interest for a secured loan of between £20,000 to £100,000 will be charged at 8% for the period of the loan.

Loans are discretionary and should not be seen as guaranteed. However, our Enterprise Development Officers can help you with the paperwork during the application process and any questions that you may have.

 * Typical APR 11.50% – 14.50%. Detailed quote on request.

Who provides the loan?

Enterprise Loans East Midlands Limited

How to apply

Download the application from from the First Enterprise website.

Contact Information:

Contact:
Chane Biant

Telephone numbers:
0845 602 7355

Email:
cbiant@firstenterprise.co.uk

Website:
www.firstenterprise.co.uk