>Business Finance North West![]() Rates & ChargesLoans are typically offered at 12.5% with a 1.5% arrangement
fee and
Loan ExampleExample £15,000 loan - repayable over 60 months Interest rate 12.5% Arrangement fee 1.5% £225 APR 13.9% 60 monthly repayments Total repayable £20,248 Actual interest rates may vary and are based on individual circumstances.
Business Finance North West is the trading name for the finance arm of BBV Ltd. an enterprise and economic development agency. Business Finance North West supports new and established businesses that are unable to borrow from traditional lenders all or some of the finance needed. > Small Loans for BusinessThe Small Loans for Business scheme is designed to help Northwest business owners, entrepreneurs, charities and social enterprises start up and expand their businesses. It provides small loans of between £3,000 and £50,000 to new and growing businesses, charities and social enterprises. It was set up to encourage and make it easier for more people to start up and grow their own enterprises in the region. The key benefits are:
The scheme is funded by government, the NWDA (Northwest Regional Development Agency) and private sector partners, so is a credible and stable way to fund your organisation's growth. > Am I Eligible?The Small Loans for Businesses scheme is open to anyone in the Northwest - covering Cheshire, Merseyside, Greater Manchester, Lancashire and Cumbria. It aimed at people already running or looking to start one of the following ventures:
The main criteria is you can show that you have tried to obtain funding from traditional sources - bank, building society for exampe- and been rejected. It maybe due to a poor credit score, lack of security, insufficient track record or plans that traditional lenders consider too risky. As long as you've got a workable business plan, with the potential to create new jobs - even if it's just one or two - you can apply. You can apply for any size of loan between £3,000 and £50,000. The scheme is open to everyone, and we particularly welcome applications from women, minority groups and businesses in deprived areas. > How to ApplyTo apply you'll need to complete the on-line application form on the NWDA website and return to us along with your business plan and other required information. Your application will be judged solely on its business merits, the chances of success, growth potential and any jobs likely to be created. If successful, we will lend you the money for an agreed period of time, usually between three and five years. You can then use the money to help put your plans into action. The scheme is managed by our network of regional partner organisations. You'll automatically be assigned to the appropriate regional partner for your area or sector in the case of social enterprises. As with any loan, you'll be charged interest on the amount you borrow. You'll need to ensure that you have enough money to make the monthly repayments on your loan. All your personal information will be treated as confidential - to see how we deal with data protection regarding the small business loans click here.
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