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Enterprise Loans
East Midlands
Enterprise Loans East Midlands provides loans to both existing entrepreneurs and people starting up a business. The purpose of this fund is to support individuals with a viable business idea, who require finance. This includes those in disadvantaged communities and under represented groups.
For a number of reasons, it can be difficult securing finance for a new business venture. Enterprise Loans East Midlands exists to help aspiring individuals turn their plans into a business reality.
The fund provides loans to:
- Start up a viable business
- Expand an existing business
- Help purchase essential equipment, secure services in order to sustain the business or develop new markets and products
- Create or develop a social enterprise or community focused business
- Meet a shortfall in funding requirements
How Enterprise Loans can help:
Amount of support: The minimum loan is £3000 and maximum loan is £20000
Period of repayment: The loan is to be repaid over a period of between one to five years
Interest charged: Interest is calculated at 5% above base rate (mimimum 10.25%), fixed at the time the loan is approved and for the period the loan is repaid.
Qualifying Criteria
- The business must be located in the East Midlands.
- The business must comply with all statory, regulatory and legal requirements.
- The loan fund is available to meet a shortfall in your funding requirements, a contribution of 30% is usually required from you.
- Evidence of either job creation or safeguarding.
- The viability of the business or proposition must be demonstrated to the fund.
- 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.
Exclusions
- Assistance will not be given to businesses involved with religion, pornography, gambling, money lending, property purchases or property development.
- Applications for the funding of cars will not be considered, except in the case of commercial vehicles deemed to be essential to business, Leasing is the preferred route for all vehicle purchases.
- Applicants who already have access to sufficent funding for their venture.
- Applicants who do not have leave to remain in the UK.
For further details and to apply for an Enterprise Loan, please contact:
Enterprise Loans East Midlands
c/o First Enterprise Business Agency
90 Radford Road
Hyson Green
Nottingham
NG7 5FU
Telephone: 0845 602 7355
Website: www.enterpriseloanseastmidlands.co.uk
E-mail: info@enterpriseloanseastmidlands.co.uk
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