Application is made electronically by clicking here. This will take approximately 30 minutes to complete and it is important that you read through the information contained on the first page before starting. The information is not stored until complete and must be completed in one sitting, therefore please ensure you have all the information advised before commencing your application.
An application form needs to be completed and submitted electronically supported by a Business plan/overview, Curriculum Vitae and financial information.
The financial information may include the following:
- Opening balance sheet
- 12 month cash flow forecast
- 12 month profit and loss account forecast
Where the business is already trading, we will also require:
- Three months bank statements
- Most recent annual accounts
- Latest management accounts
Credit searches will be made on all Partners/Directors/Proprietors.
Successful applicants will need to satisfy identification checks for anti-money laundering purposes.
An illustration of a typical customer journey and timescales can be found by clicking here.
Terms
The minimum amount that can be applied for is £1,000 and maximum is £25,000.
The loans will be unsecured.
An arrangement fee of 2% of the amount of the loan will be charged.
The loan will be repaid over a maximum of three years and minimum of one year, by monthly repayments. No capital repayment holiday is available.
The interest rate charge will be fixed at 6.5% above the UK Reference Rate for the duration of the loan. [For illustration, if you were to borrow £10,000 over three years the monthly repayment would be £312.61 and the total amount payable is £11,253.96].*
The borrower may be required to supply quarterly management accounts.
An existing borrower may submit a further application to the fund provided that at least 12 loan repayments have been made.
* Typical APR of 7.98% with a cost for comparison of 9.80% which includes the 2% arrangement fee.
Where can I get further information?
Please contact Aiden Bell or Karen Bestry for further information about the Finance for Business North East Microloan Fund.
Aiden Bell
T: 0191 244 4029
E: a.bell@entrust.co.uk
Karen Bestry
T: 0191 230 2080
E: k.bestry@entrust.co.uk
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