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Funding news - 17/04/2012

Small Loans for Business (East Midlands)

Small Loans for Business provides loans to aspiring entrepreneurs in the East Midlands that have encountered problems raising finance for their business ventures through traditional sources, such as banks.

The Small Loans for Business scheme is provided by First Enterprise Business Agency and the European Regional Development Fund as part of the Government's Solutions for Business portfolio.

The purpose of the programme is to provide loans to individuals who have a viable business idea, but who struggle to raise finance from traditional sources. The scheme will support existing businesses or start-ups that require funding for a specific venture, but will not bankroll companies that have run out of cash.

The scheme supports individuals, not limited companies, although entrepreneurs that gain support are able to invest or lend the money to companies if they wish.

Loans of between £3,000 and £20,000 are available, with applicants required to contribute a minimum of 30% of the value of the loan.

Repayments are made over a period of between one and five years. Interest will be charged at 10.25% for the period of the loan.

Applications may be made at any time.

Click here to visit the First Enterprise Business Agency website (opens in new window).

Source: first-enterprise.co.uk, 17/04/2012

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