Frequently Asked Questions
Q - Who can apply for a loan ?
A - Loans are available to any type of business - from sole traders to limited companies,including social enterprises.The retail sector can be supported but we need to be assured that other local retailers will not be affected, if there is limited competition and the market is underserved we can support. We also lend to registered charities.
Q - How long can I have the loan over ?
A - The minimum loan term is six months and the maximum term is seven years, The actual term of loan will depend to some extent on what the funds will be used for. If it is for a capital asset it would be for less than the useful life of that asset. If it is for cash flow then we will try and tailor our loan to suit the projected cash generation of the business.
Q - How much do I have to put towards the project ?
A - There is no specific amount we would expect to see, however, we would expect the applicant to be fully committed to the business.
Q - Is security required?
A - Many of our loans are unsecured, but each case is assessed on its own merits.
Q - Are there any charges if I repay early?
A - No.
Q - How much can I borrow?
A - The minimum loan is £10,000 and the maximum is £100,000.
Q- Are any sectors excluded?
A - No
Q- How do I apply?
A - Easy! Just complete the information on the ‘Apply for a Business Loan’ page and get it off to us as soon as possible.
Q - What is the process?
A - Once a full application is received one of our Loan Managers will assess the case. If further information is required before progressing then the client will be advised as soon as possible. At the next stage the Loan Manager will interview the client to get a full understanding of the applicant and the business. An assessment document will then be given to the Chief Executive and/or a Board Member, who will make the final decision about whether or not to make the loan. The decision will then be communicated to you.