Frequently Asked Questions

1. Who can apply for a loan?

• Finance For Enterprise (FFE) loans support viable businesses which find it hard to access finance from banks and/or other mainstream sources.
• Loans are available to established businesses.
• All SME businesses are eligible, including sole traders, partnerships, limited companies, LLPs.
• Applicants with an adverse credit history (both business & personal) will also be considered.

2. What can Finance For Enterprise loans be used for and what is the maximum value?

• Loans can be utilised for any legitimate business purpose, including:
  Property;
  Purchase of equipment or machinery;
  Working capital;
  Business expansion plans.
• Enterprise Loans are available up to £250,000.

3. How much does a loan cost?

• FFE loans are priced for risk and thus, the interest rate will be based on the attributes of each case including serviceability, security, and track record.
• Interest rate parameters are between 9% and 15% above the Bank of England base rate; interest is calculated on a reducing balance basis.
• An arrangement fee of 4% will also be charged.
• Early repayment of loans can be made at any time without penalty.
• If no security is available, loans will usually be made available using the Growth Guarantee Scheme

4. What is the application process and timescale?

• Application forms are located on our website. To apply for funding, click here
• Ideally, applications should be accompanied by up to date financial information including annual accounts and, if available, current year management accounts.
• Whilst some applications are more complex than others, once all the necessary information is received, decisions are made within two weeks, usually less.

5. Is Finance For Enterprise regulated?

We are:

Regulated by the Financial Conduct Authority;
A British Business Bank regulated GGS lender;
A Responsible Finance member, committed to treating its customers ethically.