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Loan Funding

There are several sources of loans, asides from high street banks, available to businesses in New Forest District. As with all loans though make sure you borrow from a reputable party and are aware of the interest and repayment schedule before signing.

Of note when seeking loan funding to start or grow your business is the Enterprise Finance Guarantee (EFG). This is a scheme run by the British Business Bank that supports businesses when their plan has been deemed viable by the lender, but their lack of security or track record means they cannot receive a loan. EFG provides the lender with a government-backed 75% guarantee against the outstanding facility balance, potentially enabling a 'no' credit decision from a lender to become a 'yes'. For more information on EFG click here

Start-up Loans Company

A Start Up Loan is a government-backed personal loan available to individuals looking to start or grow a business.

Individuals can borrow between £500 and £25,000 at a fixed interest rate of 6% per annum with a 1 to 5 year repayment term.

The loan is unsecured, so there's no need to put forward any assets or guarantors to support an application, and all owners or partners in a business can individually apply for up to £25,000 each, with a maximum of £100,000 available per business.

Start-up Loans Company operates in conjunction with a nationwide network of delivery partners such as Virgin StartUp, Prince's Trust, BizBritain etc.

For more information on eligibility and how to apply click here

UK Export Finance (UKEF)

The UK government's credit agency, UK Export Finance provides a range of services to companies in the UK.

These include helping businesses win export contracts by providing attractive financing terms to their buyers, fulfil orders by supporting working capital loans, and get paid by insuring against buyer default

As part of UKEF is the South East International Business Growth (SEIBG) Programme, which offers SMEs 12 hours of free coaching and development from a specialist trade advisor and partially funded overseas activities.

For more information on eligibility and how to apply click here

Newable

This organisation is a partner of the British Business Bank and offers loans between £26,000 - £150,000 to support growing businesses.

Newable also acts a deliver partner for Start-up Loans Company, so finance is available through this organisation for early stage businesses.

With offices of its own in Whiteley, Newable has operations close to New Forest

For more information on eligibility and how to apply click here

UK Business Angels Association (UKBAA)

The UKBAA offers equity finance to start-ups and early-stage businesses seeking to grow.

The typical level of investment is between £10,000 to £500,000, although this can be higher if the project shows high growth potential and investors are willing.

Angel investors seek to have a return on their investment over a period of 3-8 years, and cannot take more than 30% equity in your business.

For more information on eligibility and how to apply click here

Funding Circle

Funding Circle offers established businesses of all sizes the opportunity to borrow between £5,000 to £350,000.

Features include an ability to borrow over 6 months to 5 years, interest rates from 4.9%, no early repayment fees, and that a decision is typically received within 24 hours.

British Business Bank lends £80m to businesses through Funding Circle, alongside thousands of people and other investors.

For more information on eligibility and how to apply click here

Rangewell

This organisation offer businesses a free search engine to explore all the loan options that are available.

They are independent and impartial, and search over 300 business finance providers offering 23,000 loan products.

For more information on this service click here

 

Updated: 27 Sep 2017
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