About Small Loans for Business

Small Loans for Business provides loans to individuals to support good business ideas that could be difficult to fund through other means. Loans of £3,000 - £20,000 can be used to turn ideas into a new business or grow your existing business if you can raise 30% of the value of the loan.

Loans can be used to:

Secure services
Purchase equipment
Meet a shortfall in funding.

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. Loans are discretionary and should not be seen as guaranteed.

To qualify for Small Loans for Business the following criteria apply:

Applicants must be aged 18 years or over
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
The business must be located in the East Midlands
The business must comply with all statutory, regulatory and legal requirements
The business must demonstrate either job creation or safeguarding
The viability of the business or proposition must be demonstrated
A contribution of 30% is required from you where the loan is being used to meet a shortfall in your funding requirements.

There are also some exclusions which apply to Small Loans for Business as assistance will not be given to:

Businesses involved with religion, pornography, gambling, money lending, property purchases or property development
Fund the purchase of cars, 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.

Small Loans for Business brochure [pdf, 567 KB]