Sheffield SME Loan Fund

Who is it for?Sheffield City Council Logo - Partners in our Sheffield SME loan scheme

The Sheffield SME Loan Fund will provide access to finance to viable businesses unable to raise finance from mainstream sources.  Available from Finance For Enterprise, loans are available for early stage and established businesses ideally with at least a one year trading record and paying their business rates to Sheffield City Council.

Loans of between £5,000 and £25,000 can be used for:

  • Working Capital
  • Purchase of equipment
  • Business expansion
  • To supplement bank overdrafts and provide headroom

SME loans are available between 9 – 14% interest rate calculated on a reducing balance, with a 3 year maximum term.  Unsupported personal guarantees from the director(s) will be required for limited company lending.

Where is the funding from?

£150,000 of Keep Sheffield Working moneys has been the catalyst for securing a further £250,000 from Creative Sheffield and Finance For Enterprise has pledged £600,000 resulting in a total pot of £1 million funding.

Funding requirement of more than £25,000?

For businesses with a funding gap in excess of £25,000, Finance For Enterprise can consider additional lending alongside the Sheffield SME Loan Fund via its Enterprise Loans, maximum value £100,000.

Application process:

  • A completed Sheffield SME Loan Fund Application Form should be accompanied by a Client Declaration form.
  • Applications must be supported by a business plan (an extended Executive Summary might be considered acceptable): financial forecasts should be included.
  • Annual accounts will be required along with Management Accounts for the current year.
  • An initial enquiry with a Finance For Enterprise Investment Manager is welcomed to help verify viability.