South West Loans Fund
South West Loans Fund
Who can apply?
To be eligible to apply for a ‘Small Loans for Business’ or a ‘Finance for Business Loan’, businesses must be based in the South West of England (or intend to imminently relocate to the South West) and:
Ineligible sectors
Businesses operating in the following sectors may not qualify (for more information contact your Business Link advisor):
The fund, which will charge commercial fees and interest rates on its loans, will lend through to the end of 2015 (subject to availability) and all loan repayments, fees and interest charges received, after meeting administrative costs, will be re-lent to other businesses in the region.
1A Small or Medium Sized business is defined as having fewer than 250 employees together with a turnover of up to €50m or a balance sheet total of up to €43m.
Who can apply?
To be eligible to apply for a ‘Small Loans for Business’ or a ‘Finance for Business Loan’, businesses must be based in the South West of England (or intend to imminently relocate to the South West) and:
- be a Small or Medium Sized Business1
- be engaged in an activity that is not ineligible (see below)
- be solvent with a track record of business growth or having growth potential
- have a viable business plan
- have or be ready to appoint professional advisors appropriate to their plans
- have evidence that neither part nor all of the finance can be obtained from private sector sources
- not be replacing existing private sector finance
- have appropriate Environmental, Health and Safety, Equal Opportunities and Disability Policies/Statements in place
Ineligible sectors
Businesses operating in the following sectors may not qualify (for more information contact your Business Link advisor):
| Major infrastructure in ports | Property Investment |
|---|---|
| Speculative building | Banks and insurance companies |
| Coal and Steel | Production of synthetic fibres |
|---|---|
| Agriculture | Establishments providing generalised (school age) education |
| Provision of local social welfare facilities | Certain retail operations |
| Proportion of public expenditure incurred in land acquisition not directly linked to productive investment or investment in infrastructure | Coastal protection, soil conservation and infrastructures |
The fund, which will charge commercial fees and interest rates on its loans, will lend through to the end of 2015 (subject to availability) and all loan repayments, fees and interest charges received, after meeting administrative costs, will be re-lent to other businesses in the region.
1A Small or Medium Sized business is defined as having fewer than 250 employees together with a turnover of up to €50m or a balance sheet total of up to €43m.
