Larger loans for growing businesses

If your business is seeking to grow, and you need finance to do so but cannot get it all from your bank, then consider applying for a larger loan from the Wholesale Loan Fund.

Loans are available:

• for between £20,000 and £75,000
• repayable monthly over up to 7 years
• interest rates* range from 10.5%pa to 12.5%pa, fixed for the first 3 years
• capital repayment holidays may be considered

Who should apply?

• businesses with few assets or a low capital base
• if an equity investment is not appropriate (eg. to keep the business in the family)
• if your bank will not agree a Small Firms Loan Guarantee (SFLG) scheme facility
• if you are not eligible for an SFLG (eg. if the business is over five years old)

Eligibility:

• businesses need to have been trading successfully for at least a year
• finance is available to grow the business, but not repay existing borrowing
• businesses need to be located in or support disadvantaged communities or individuals in London
• security is not always necessary, although all available assets must be offered and personal guarantees will be required from the business owners
• to complete our credit assessment all directors and owners must provide a current credit reference search.  An adverse credit history does not exclude an application but will be considered when deciding whether to agree the loan

Application:

Download the application form in pdf format here

Download the application form in word format here

• Complete the application form above
• Prepare a business plan to support your request**
• Ask your business adviser or another experienced business leader to send us a letter of support
• Send these documents to the Wholesale Loan Fund, GLE oneLondon, New City Court, 20 St Thomas Street London SE1 9RS or email to wholesaleloans@gle.co.uk

**If you need help to prepare your business plan, ask us about the LDA’s Access to Finance Programme.

These loans are provided by London Business Loans (Wholesale) Ltd, which is managed by Greater London Enterprise Ltd, and supports organisations across London that are providing finance to help businesses start or grow. 

All loans are subject to a credit assessment. Further terms and conditions may apply.  *Interest rates may vary from time to time – correct at 10/1/08