Start up loans for New Enterprise Allowance clients
Get a loan for your start-up business.
The loan is available to Jobseekers Allowance (JSA) claimants who have started a business through the New Enterprise Allowance pre-trading mentoring scheme.
To access this funding you should:
- Have completed the New Enterprise Allowance mentoring scheme;
- Be based in London, Home Counties, Central England, Scotland or Wales; and
- Have an NEA approved business plan, including a cash flow forecast and a personal survival budget.
The minimum amount you may borrow is £500. Loans are in increments of £500. The size of the loan depends on the start up needs of the business which should be shown in the business plan.
Start Up loans may be used to fund the initial start-up costs of the business including:
- Equipment purchase
- Vehicles, if they are an important part of your business
The key features of the loan
Amount Available : The size of the loan depends on the start up needs of the business which should be shown in the business plan. The minimum amount you may borrow is £500.
Term : the loan may be repaid over 3 or 4 or 5 years.
Interest rate : The loan's interest rate is 6%.
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.
Loan repayment : repayments are collected monthly via direct debit.
Below is a representative example of how much you could be paying for a Start UP Loan. The amount we will lend will depend on your individual circumstances and the term for repayment will be set between 1 and 5 years.
You could borrow £2,500 over 5 years with 60 monthly repayments of £48.33. The total amount repayable will be £2,899.92 at 6% APR representative, and an annual interest rate (fixed) 6%.
For more information
For more information on the start up loan for New Enterprise Allowance clients telephone 0191 426 6408 or visit www.gleenterpriseloans.co.uk to submit an online application.