The East Regional Growth Loan Scheme, supported by the Department for Business, Innovation and Skills, is available to established incorporated businesses based within the East of England (please see map) that have a minimum annual turnover of £500k, show strong growth potential and have a medium to long-term funding requirements to deliver that growth.
Eligibility
SMEs applying to the East Regional Growth Loan Scheme must have the following:
- a clear business strategy that credibly delivers significant growth
- a proposition that addresses product markets which are likely to grow strongly in the medium term
- a business plan demonstrating:
- a viable product or service
- a ready market
- competitive advantage
- a management team with relevant background
- the right to exploit intellectual property rights where necessary
Key Features
Loan Amount: £50,000 – £200,000
Business Location: East of England – Essex, Suffolk, Norfolk, Cambridgeshire, Bedfordshire, Hertfordshire
Loan Term: Min 2 yrs; Max 5 yrs
Turnover: Typically minimum £500,000 per annum
Interest Rate: 5 – 9% above base rate, depending on risk assessment
Security: All Assets Debenture. Limited, un-supported personal guarantees may be required, depending on risk assessment
Fees and Charges:
- arrangement fee 2% of loan value
- annual monitoring fee 1% of loan value
- legal costs – £500 fixed fee
- turnover levy of 0.25% – 1% of annual turnover
Exclusions
The following sectors are excluded:
- land and property development, dealing and investment
- financial services
- accountancy and legal services
- hotels
- nursing and residential care homes
- international motor transport
- agriculture
- forestry and timber production
- horticulture
To apply to the Regional Growth Loan Scheme, please complete the Application Form and return to [email protected]
For more information, and to discuss your requirements, please contact the team at Finance East.
