We are an Equal Opportunity organisation, providing loans for new business ideas and young businesses needing investment. Eligible candidates may borrow up to £20,000 interest free for 9 years to establish themselves in their chosen career.
To be eligible for consideration for a loan you must be:
- over 18 and under 35 years of age;
- resident in Leicestershire or Rutland and wanting to start a business or have run one
for less than four years;
- going to base or be running the business in Leicestershire or Rutland;
- have a net annual business income of less than £25,000 per annum, after tax and
- have liquid assets of less than £40,000;
- able to personally demonstrate that the business has the potential to succeed;
- able to demonstrate that you have a real need for the loan and that the project
would not proceed without assistance from the charity; meaning that you are able to
demonstrate insufficient personal funds or credit status to secure the funds required
How it works
- You can telephone 0116 204 6620, or fill out the contact form at the bottom of this page for application details. You will need 2 to 4 guarantors for the loan.
- Once completed, return the application pack together with your business plan.
- An interview will then be arranged with a small group of Trustees to discuss your business idea. These take place in February, May, August and November. Applications are required at least 4 weeks prior to the interview dates.
- If successful, you and your guarantors will sign a joint and several bond. This procedure will require:
– 2 guarantors for up to £5,000, with each guaranteeing the full amount.
– 2 guarantors are required from £5,001 to £10,000, each guaranteeing a maximum of £7,500.
– 3 guarantors are required from £10,001 to £20,000, each guaranteeing a maximum of £7,500 OR 2 guarantors each guaranteeing a maximum of £10,000.
- The loan is interest free for 9 years, but becomes repayable by equal instalments after 3 years.