Targeted Grants & Loans
Outlined below are a few examples of Soft Loan Schemes operating within London Thames Gateway:
The SBS Small Firms Loan Guarantee Scheme (LGS)
LGS offers support for businesses unable obtain a conventional loan due to a lack of security. Loans of £5,000 to £100,000 are available over periods of 2 to 10 years. If a business has been trading for 2 or more years it is sometimes possible for the loan amount to be extended to £250,000. SBS will act as quarantor for 75% of the loan in return for a 2% per annum premium of 2% on the outstanding loan balance. The scheme is available to UK companies with an annual turnover of no more than £3m or £5m in the manufacturing sector. Loans are available for most business purposes although there are some restrictions.
www.berr.gov.uk
OneLondon Business Loan Fund
OneLondon manages The London Business Loan Fund, backed by Business Link London, Corporation of London, GLE, HSBC Bank and the Single Regeneration Budget. Loans are available to the owners of new and established business who are unable raise finance from a mainstream lender.
- Start-up Loans - Up to £5000 Maximum term 3 years.
- Growth Loans - Up to £20,000 Maximum term 5 years.
www.gle.co.uk/onelondon
East London Small Business Centre (ELSBC) Loan Funds
ELSBC offer access to loans of last resort for any business or start-up in the boroughs of Tower Hamlets, Newham, Havering, Redbridge and Barking & Dagenham unable to raise finance through their bank or family/friends. Business ideas must be viable and ELSBC will assist with applications and business plans. Loans of up to £10,000 are available for start-ups and £15,000 for growth businesses although they are not available to fund past debts. A special loan fund for Muslim clients in Tower Hamlets and Newham is also available.
www.goeast.org
