Loans for start-up businesses

Get a loan of up to £1000 for your start-up business, through the New Enterprise Allowance (NEA) scheme.

The loan is available to Jobseekers Allowance (JSA) claimants who have started a business through the New Enterprise Allowance pre-trading mentoring scheme.

Eligibility details

To access this funding you should:

• Have completed the New Enterprise Allowance pre-trading mentoring scheme;
• Be based in London, Bedfordshire, Hertfordshire, Essex, Kent, Scotland or Wales; and
• Have an NEA approved business plan, including a cash flow forecast and a personal survival budget.

Loan details

Up to £1000 is available to fund:

• Marketing;
• Purchasing equipment; or
• Vehicles, if this is an integral part of your business.

The loan cannot fund:

• Vehicles (unless they are an integral part of your business);
• Trips abroad (including conferences);
• Some forms of training (unless this is considered operationally necessary);
• Research or product development;
• Training or studying costs, although some forms of training that are legally required for a business to operate, such as health and safety training, may be eligible;
• The repayment of existing debt;
• Political activity;
• Any activity which may bring the fund into disrepute.

Repayment

The key features of the loan

Amount Available : up to £1000. The minimum amount you may borrow is £300.

Term : the loan may be repaid over 3 years.

Interest rate : The loan's interest rate is 9% and no more than 10% APR (annual percentage rate).

Fees: There are no fees payable for this loan at any time.

Early Settlement : the loan can be repaid in full, or in part, at any time during the repayment period.

Repayments : the loan features interest only payments in year 1, and Capital and Interest payment in years 2 and 3.

For more information

For more information on the New Enterprise Allowance Loan Scheme telephone 084 5241 4485 or visit www.gleenterpriseloans.co.uk to submit an online application.