We lend up to £100,000 to Businesses in Eastern England
If you have a viable business idea but need funding and some advice to make your entrepreneurial dream come true, get more equipment to grow your company, need some working capital to help with cash flow or to take on an apprentice to expand your services – we may be able to help.
- Growth/Expansion Loans between £10,000 and up to £100,000 aimed at businesses who have been trading over 12 months and looking to grow and take their company to the next level.
- Social Purpose Loans up to £100,000 (with a reduced interest rate) to help socially motivated organisation.
- Finance for any number of other scenarios, between £10,000 and up to £100,000 , just ask one of our team if you need to borrow for a specific purpose not listed above .
- Loans can be for between £10,000 and £100,000 except Social Purpose loans which can be for any value up to £100,000.
- Loan repayment periods between 6 months and 10 years.
- Fixed interest rate 19% (Interest rates may be slightly lower for social enterprises or other not for profit organisations) APR 23.6%
- An arrangement fee of 5% If your loan is for more than £50,000 the arrangement fee is capped at £2,500. The fee is deducted before the loan is disbursed.
- Capital repayment holidays may be agreed, where appropriate.
- There are no penalties for early loan repayment.
- Monthly financial figures and copies of monthly bank statements must be supplied to us once the loan has been drawn.
- Security may be taken if available but if you don't have any we will still consider your application.
Interested? How do you apply?
In order to apply for a Business Loan from us, you will need to complete and provide the following:
- Loan Application Form
- Business Plan
- 2 year cash flow forecast
- Photocopies of your last 3 months Personal Bank Statements
- Photocopies of your last 3 months Business Bank statements (if the business has been trading)
- Management Accounts and the last 2 years Annual Financial Statements (if the business has been trading for more than 1 year)
- The name, address, email address and telephone number of 2 personal references from each partner or director
- The name, address, email address and telephone number of 2 trade references for all businesses that have been trading for 12 months or more
- Each partner or Director must supply a full personal credit report. This can be obtained from Credit Expert, Noddle or Experian
- Copy of ID and Address Verification documents for all Directors or Partners, authenticated at a Post Office and accompanied by a post office letter and post office stamp to prove it is a valid ID. http://www.postoffice.co.uk/document-certification-service. The post office charge a fee for this service.
The application form and templates for the Business Plan (if you do not already have one) and the Cash Flow Forecast can be found by clicking on the Apply Now button. You will need to provide some basic details and choose a secure password to access this page.
Send your documents to us on line
Your documents may be submitted to us through your Log In area (after you have registered) or sent by post if you prefer. Once we have received your application, a member of our team will be in contact with you to guide you through the rest of the application process and answer any questions you may have.
Once an initial assessment of your application has been made, a Business Loans Manager will be in contact with you. They are likely to visit you to discuss your application in more detail and to get a better understanding of your business.
When we are satisfied that the business proposition is a viable one and we believe you will be able to afford the loan repayments, we will make a decision on whether to offer you a Business Loan. A member of our team will then be in contact you to let you know our decision and to get the ball rolling on loan agreements and arrangements for drawing down the funds.
Need any help?
If you feel we can help you with your business finance needs give us a call on 01284 757777 or email us at email@example.com . Alternatively click on the Apply Now button and get started straight away. Let’s talk about your enterprise and how we can help you develop it further.
It might be that your business plan needs a bit more work; don’t worry, that’s ok – business support is available from our network of business support organisations. If you have any questions about our Loans you may find the answer you are looking for in our Frequently Asked Questions .