- Loans from £500 up to £60,000 to start or expand a business.
- Loans of up to £10,000 are available up to two years, loans of £10,001 to £60,000 are available up to five years.
- A capital repayment holiday of up to six months is available subject to agreement by the Loan Panel.
- The fund is only available to individuals who have been refused other forms of business finance.
- Where an applicant has been offered insufficient finance from other sources the Fund can offer "top-up" finance.
- Security is generally not required but loans will be made to the individual(s) running the enterprise and not to the business and in some cases guarantees will be required, or security in one form or another.
- The applicant must demonstrate the viability of the business proposal by the provision of a "robust" business plan.
- The applicant must demonstrate a clear understanding of the business planning process (including how to prepare financial forecasts) or undertake training to obtain these skills.
- The loan must be used for the purpose of starting a new business or expanding an existing business. The loan cannot be used to fund past debts.
- A mentor will be appointed to present the business case to the Fund Director and applicants will be informed of the decision afterwards.
- The decision of the Credit committee is final and there is no right of appeal.
- Repayments are made on a monthly basis by direct debit. There is a penalty for late payment of an instalment by the due date.
- Recipients of a loan must commit to regular mentoring visits from Fund staff on a monthly basis and provide financial information on a quarterly basis.
- There is a charge for the preparation of your application whether successful or otherwise. If your application is unsuccessful or withdrawn and the loan fund has provided assistance to you in the preparation of that application, you hereby agree to pay the loan fund for any reasonable costs incurred. In some cases your application may be eligible for a mentoring subsidy.
- On signing the acceptance of terms you agree to Business Enterprise Agency Ltd completing a credit check on you.
- By signing the acceptance of terms you agree to be bound by these terms and conditions.
In the Press
Free time for City Businesses
Business support fund through the gift of their time
Government further backs BEF
BEF accredited with the status of provider of the Small Firms Loan Guarantee Scheme
BEF Supports Big in Business
Big in Business is a new project aimed at helping disadvantaged young people.
Case Studies
Producer of novelty clocks improves their competitiveness
Rig Out produces, wholesales and retails novelty clocks.
Palm Cove Society increases its accomodation capacity
Palm Cove Society provides temporary supported housing for vulnerable people
Wharfe Valley Cheesecakes Limited
Martin Clay's high quality cheesecakes commence production...