We’ve teamed up with oneLondon specifically to help new businesses that have been turned down by recognised mainstream lenders.
To benefit from the London Business Growth Fund you must already be running a sound business, plans to expand and need funding.
Terms and conditions:
Borrow up to £20,000
Loan repayable in up to 5 years by Direct Debit
Interest rate fixed for the first three years fixed at 9.68%
At the start of year 4, interest rate is adjusted and fixed at the then applicable rate, paybale for the remainder of the term.
An arrangement fee, maximum 0.75%, minimum £75 may be charged
Loans are unsecured
Directors’ guarantees required for limited companies
Open to companies located anywhere in London
Match funding may be required
So how do I apply?
Step 1. Contact Business London
We’ll put you in touch with your local Enterprise Support Organisation who will allocate you a business adviser and sign you up to “Up & Running” – the coaching and mentoring programme for entrepreneurs in their early trading years.
Your adviser will help you prepare your business plan if you haven’t already done so and recommend you for either the Start Up or Growth Fund loan.
Step 2. Download an application form and read the full terms and conditions
Step 3. Complete and return your application form
Your completed form should be supported by a comprehensive business plan, a recommendation from your allocated business adviser plus photographic ID and a utility bill. You’ll also need to prove that you’ve been refused finance by a recognised mainstream lender – e.g. a bank or loan company.
Growth Fund applications should also include trading accounts, certified for at least 12 months.
Step 4. Meet oneLondon
Within 2 weeks you’ll be advised by letter whether your application meets loan criteria requirements or not. If successful you’ll be invited to meet the oneLondon Lending Committee who will make a final decision on your application.