Small Business Loans Bedfordshire

This page provides relevant content and local businesses that can help with your search for information on Small Business Loans. You will find informative articles about Small Business Loans, including "Apply to the Small Firms Loan Guarantee scheme". Below you will also find local businesses that may provide the products or services you are looking for. Please scroll down to find the local resources in Bedfordshire that can help answer your questions about Small Business Loans.
Ashton House Independent Financial Advisers
0158 247 8877
87 High Street South
Dunstable
Ernst & Young
0158 264 3000
400 Capability Green
Luton
GMAC UK Plc
0844 871 2222
Wesley House
Luton
Financially Prudent
0158 287 3339
243 Common Road
Dunstable
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Apply to the Small Firms Loan Guarantee scheme

All too often small businesses with viable business proposals are unable to obtain a conventional loan because of a lack of security. The Small Firms Loan Guarantee scheme helps these businesses by guaranteeing loans from banks and other financial institutions.

What are the terms?

Loans are available for periods between two and ten years on sums from £5,000 to £100,000 (£250,000 in the case of businesses which have been trading for more than two years).

The Small Business Service (SBS) guarantees 70% of the loan (85% in the case of businesses trading for more than 2 years). In return for the guarantee, the borrower pays the SBS a premium of 1.5% per year on the outstanding amount of the loan. The premium is reduced to 0.5% if the loan is taken at a fixed rate of interest.

The commercial aspects of the loan (such as the interest rate) are matters between the borrower and the lender. A capital repayment 'holiday' of up to two years is available.

Eligibility criteria

New and existing UK companies with an annual turnover no greater than £1.5m (£5m in the case of manufacturers) can apply for the loans. Many business activities are eligible but there are a number of exclusions. Loans are available for most business purposes although there are a number of restrictions.

Applications should be made direct to one of the lenders who are involved with the scheme. They are: Bank of Ireland, Bank of Scotland, Barclays Bank, Clydesdale Bank, Co-operative Bank, Doncaster Business Advice Centre, First Trust Bank/Allied Irish Banks, Lloyds TSB Group, London Enterprise Agency (LEntA), HSBC Bank, Northern Bank, National Westminster Bank, Northern Venture Managers Ltd, Royal Bank of Scotland, State Securities plc, Triodos Bank nv, UK Steel Enterprise, Ulster Bank, Venture Finance plc, Yorkshire Bank, Yorkshire Enterprise Ltd.

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