Loans for Businesses based in RBKC.
Up to £10,000 available for established small & medium sized enterprises (18 months and over) throughout the borough, with priority for businesses based in Golborne, St Charles, Colville and Notting Barn Wards
This is a small business loans scheme that will provide emergency loans to:-
- Cover gaps in cash flow
- Provide cash to satisfy orders
- Cover delays in payments from good debtors or
- Other sustainable business need
Key characteristics of the loans made available will be:-
- Maximum loan available to eligible businesses will be £10,000 (loans typically £5,000)
- A fixed rate of interest (TBC) at a below market rate will be applied to the loan
- Loan period will be for a maximum of 24 months but typically 12 months or less
- Loans can be repaid in full at any time without interest penalty
The following eligibility criteria will be applied to the loan:-
i) Businesses must be based in Kensington and Chelsea
ii) Businesses must comply with the EU definition of a small business (less than 50 employees, turnover not exceeding 10m Euros and a balance sheet no more than 10m Euros)
iii) Businesses must be able to demonstrate the need for “last resort finance” with evidence that they have been refused mainstream finance, the impact on turnover, profit and jobs
iv) In the case of Limited Companies, there must be an appropriate guarantee from the Company Directors
If you are interested in applying for this business loan, please contact [email protected] 020 7460 5050
Sources of funding for small businesses
Finding finance to start or grow a small business can be difficult with banks normally demanding some form of guarantee. Not everyone can meet these conditions – but that doesn’t have to be the end of your business ambitions.
This programme is designed to help small businesses access available funding.
Topics covered include:
- sources of funding up to £20,000
- sources of funding over £50,000
- qualifying criteria
- alternative sources of finance
- investment readiness and making the case
- the way forward
To find out more, call 020 7460 5050 or email us.