A dedicated loan fund for the Creative Industries across the North West seeking to raise finance to start or grow a business.
It is recognised that people from the creative industries sector have particular difficulties when it comes to developing a sustainable business and borrowing finance. This Fund has been specifically created by the Northwest Regional Development Agency and the Arts Council England to overcome some of these barriers.
THE FUND OFFERS
- Loans of up to £10,000 for new businesses
- Loans of up to £30,000 for existing businesses
- If the business is located in Greater Manchester loan recipients will be allocated a BBV Adviser or Mentor
REQUIREMENTS
- Loans repayable over a maximum of three years.
- Competitive Rates of Interest, fixed for the duration of the loan.
- An arrangement fee commensurate with the loan amount.
- Directors’ Guarantees are required for Limited Companies.
- Some element of matched funding may be required.
APPLICATION PROCESS
If you wish to discuss the possibility of applying for a loan, or have any questions on the process, please telephone the Loan Funds Manager.
We will provide a loan application form which details all the supporting information required which must include a Business Plan and a set of financial forecasts.
In normal circumstances we expect all applicants in a start-up situation, or who have been trading less than 12 months, to work with a local Business Adviser in the preparation of the Business Plan and forecasts. A letter of support from the Business Adviser is required.
If the Loan Funds Manager is satisfied with the completeness of the information requested, you will be invited to present your application to a loan fund panel. The Panel meets monthly and approval can only be given after a decision has been reached.
Availability of loan proceeds may take up to 2-3 weeks following a successful presentation.
