first enterprise

Enterprise Loans East Midlands (ELEM) provides business loans to individuals, aiming to support good business ideas that could be difficult to fund through other means.

Loans can be used to:
Secure services
Purchase equipment
Meet a shortfall in funding for specific new projects, not existing running costs.

Loans of £3,000 to £50,000 can be borrowed to turn ideas into a new business or grow an existing business! Applicants must be able to contribute a minimum of 30% of the value of the loan.  Arrangement fee of 2% and security fees payable.

Repayments are made over a period of between one and five years. Interest will be charged at 12.5% for an unsecured loan, which is between £3,000 to £50,000 for the period of the loan. Interest for a secured loan of between £20,000 to £50,000 will be charged at 8% for the period of the loan.

Loans are discretionary and should not be seen as guaranteed.  However, our Enterprise Development Officers can help you with the paperwork during the application process and any questions that you may have.

Are you eligible?

Basic criteria:

Applicants must be aged 18 years or over.
The applicant must have resided in or have had a business in the East Midlands for more than 18 months and have leave to remain in the UK.
The business must be located in the East Midlands.
The business must comply with all statutory, regulatory and legal requirements.
The business must demonstrate either job creation or safeguarding.
The viability of the business or proposition must be demonstrated.
A minimum contribution of 30% is required from you where the loan is being used to meet any shortfall in your funding requirements.

Enterprise Loands East Midlands will not be given to:
Businesses involved with religion, pornography, gambling, money lending, property purchases or property development.
Fund the purchase of cars, except in the case of commercial vehicles deemed to be essential to the business. Leasing is the preferred route for all vehicle purchases.
Applicants who already have access to sufficient funding for their venture.
Applicants who do not have leave to remain in the UK.

For further information visit www.first-enterprise.co.uk/business-loans/ 

email reception@first-enterprise.co.uk  Telephone 0115 9423772