About the fund

How We Can Help

Amount of Support
The minimum loan is £3,000 and the maximum loan is £20,000.

Period of Repayment
The loan is to be repaid over a period of between one and five years.

Interest Charged
Interest is calculated at 5% above base rate (minimum 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 statutory, 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 the business. Leasing is the preferred route for all vehicle purchases.
• Applicants who already have access to sufficient funding for their venture.
• Applicants who do not have leave to remain in the UK.