Specifically for business people in the Metropolitan Boroughs of Bolton, Bury, Oldham, Rochdale and Wigan, seeking to raise finance to start or grow a business.
Since the launch of this Fund in July 2002 a wide range of loans have been approved to businesses that have been refused Finance by a mainstream lender.
THE FUND OFFERS
- Loans of up to £10,000 for new businesses
- Loans of up to £30,000 for existing businesses
- Free help with developing a viable business proposal
- An opportunity to join the BBV Business Mentoring Scheme
REQUIREMENTS
- Loans repayable over a maximum of three years for start-up, four years for business growth.
- 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.
Following receipt of your Business Plan, Application Form and all supporting information, one of our Business Advisers will make arrangements to meet you and discuss every aspect of your application.
If the Loan Funds Manager is satisfied with the completeness of the information provided he will recommend that you present your Business Plan to the independent Loan Funds Panel. The Panel meets every month and approval can only be given after the Panel has made a decision.
Availability of loan proceeds may take up to 2-3 weeks following a successful presentation.
