Rising Stars Loans
Most small businesses depend on a bank overdraft to keep their company afloat. That’s fine if you are able to arrange overdraft facilities. It is well-recognised that it is easier for established, successful companies to borrow money than start-ups. It’s a matter of assessing risk. Entrepreneurs often rely on family and friends for financial support, but not everyone can access loans in that way.
We believe that it is important to fill the funding gap for those who are unable to draw on the main sources of loans for one reason or another. If no-one is prepared to take a risk with those who do not have good credit ratings, then we will lose the potential of creative and talented individuals. That’s why we are offering services from the Business Enterprise Fund (BEF). With backing from the Government and the unique involvement of business mentors and buddies, BEF offer a package of support to help create successful small businesses. The Fund is investing in the future of business in the region and that’s a risk worth taking.
Details:
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Features: |
A range of loan products for business ranging from £500 to £100,000 |
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Security: |
In most cases a personal guarantee will be required. In some exceptional cases security against property may be required. |
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Application: |
Application Form via the BEF website– subject to the usual credit checks etc. Business plans will be required including financial forecasts along with latest management accounts for established businesses. A loan, assuming all information has been provided, can be processed within 4-5 weeks above £20k and with a couple of weeks below £20k. |
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Interest Rate: |
7% to 14% flat rate, fixed for the term of the loan. During the course of the loan we can vary the loan to meet the changing needs of the business. |
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Typical APR: |
12.7% on £10,000 |
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Term: |
From 6 months up to a maximum of 10 years with capital repayment holidays if required. |
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Payment Example: |
On a loan of £10,000 at 7% over 48 months the repayments would be £266.67. On a loan of £20,000 at 7% over 48 months the repayments would be £533.33. |
Please visit the BEF products page to see the new range of loans available to support businesses.
Click here to apply electronically.
