What is a Small Business Loan?
The Small Business Loan scheme provides small loans of between £3,000 and £50,000 to new and growing businesses in the Northwest.
It was set up to encourage and make it easier for more people to start-up and grow their own enterprises, creating jobs and contributing to the success of the Northwest economy.
The key benefits of a small business loan are:
- Finance for your business, usually unsecured
- Loan repayments to suit your needs, including payment holidays
- Validation of your business plan
- Ongoing support to help you establish a track record
- Easy access to other support services through the Economic Solutions Group
The scheme is funded by Government, the North West Development Agency and private sector partners, so you can be assured it's a credible and stable way to fund your organisation's growth.
Who is it aimed at?
The Small Business Loan scheme is aimed at people already running or looking to start a Small business.
The main criteria is that you have to evidence that you have tried to obtain funding from traditional sources, such as a Bank or a Building Society, but have been refused.
As long as you've got a workable business plan, with the potential to turn your ideas into reality and create new jobs, even if it's just one or two, you could apply for a Small Business Loan.
How Does It Work?
You can apply for any size of loan between £3,000 and £50,000. To do so you'll need to complete an application form and return it to us, along with your business plan detailing what you need the loan for, so that we can evaluate your plans.
If your application is successful, we will lend you the money for an agreed period of time, usually between three and five years. You can use the money to help put your plans in action.
As with any loan, you'll be charged interest on the amount you borrow. You'll need to ensure that you have enough money to make the monthly repayments on your loan.
How Are Funding Decisions Made?
We do not Credit Score but judge applications purely on the viability of the business plan, the likelihood of success, the growth opportunities and the potential to create jobs. We do not base judgements on your past history, but you will need to prove that you have tried to secure funding from mainstream lenders and been rejected in part or whole.