You’ll need to be aged over 18 and under 45, living in Leicestershire or Rutland, and basing your business here too. For our education loan, that same age criteria applies, but you’ll also need to have lived in Leicestershire or Rutland for a minimum of three years.
Want to start or grow your business? Our interest-free business loan up to £20,000 could be perfect for you. Or, if you’re looking to fund a postgraduate education course, check out our interest-free education loan up to £10,000. Both loans are completely interest-free, and require no repayments in the first three years!
Absolutely! If you have a question, our friendly team is here to help. Fill out the form on our Contact page, or drop us an email at info@stwcharity.co.uk. Prefer to chat? Give us a call on 0116 204 6620 – we’d love to hear from you.
We try to keep the process as quick and simple as possible. To start, simply fill out our contact form or call 0116 204 6620. We’ll then send you an application pack, and you’ll need to return this completed, alongside your business plan if applying for a business loan. That’s it for the application stage! From there, an interview will be arranged with a small group of Trustees.
All of our interviews are online, via Zoom, taking place in February, May, August and November. You’ll be speaking to a small group of friendly Trustees who want to see you succeed, so you’ll just need to explain why you need the loan and how it will help you and your business.
The Sir Thomas White Loan Charity is one of Leicester’s oldest charities, having been established in 1542 by Sir Thomas White, a civic benefactor who generously donated money to the people of the city and county; despite never stepping foot in Leicester!
We get asked this a lot and we understand why some people think it sounds too good to be true. Here’s how we can do what we do…
When Sir Thomas White left his endowment to the five counties (Coventry, Warwick, Leicester, Northampton and Nottingham), he stated that only the income generated by that endowment could be used for providing loans – and he instructed that the loans remain interest-free. The endowment, originally £1,100 has grown to around £75 million and the income received is shared by the five counties. The Leicester share of that income is in excess of £300,000 per year. We currently have £5 million either loaned out or available. Our Trustees are not paid and our running costs are low, so in most years, the total available to provide in loans gets bigger.
It is! Regardless of how much you borrow and the loan’s purpose, you will have nine years to pay the loan back, with a three-year break before equal monthly repayments start.
It’s absolutely true. We want to ensure you’re in as strong a position as possible before your repayments commence, and feel three years provides time for you to grow your business or complete your postgraduate studies and find employment.
The success rate of applicants changes from year-to-year, but we’ll put it this way: it’s high. Each year, our funding is boosted by the central Sir Thomas White trust. So, unlike other lenders, you’re not competing with other people for limited funds available. Your likelihood of being approved for one of our loans solely relies on the strength of your own application and proposals for your business.
This stems from the original Trust deed issued in 1542 when the Charity was established. The deed stipulates loans could only be made to residents of the city of Leicester. This has since been approved to expand to the county borders, including Rutland. There are neighbouring Sir Thomas White charities in Coventry, Warwick, Northampton and Nottingham, so they each deal with their respective areas.
We operate on a quarterly cycle, with four quarterly application deadlines and rounds of interviews with applicants taking place each year. Please check our key dates page for details regarding approaching deadlines / future rounds. Following the application deadline, eligible applicants will be invited to an interview. After interview, applications will be discussed and approved at the next board meeting, with applicants notified shortly after if they have been successful or not.
If, for any reason, you’re unable to make any repayments to your loan, guarantors provide assurance to the Charity the loan will be repaid. As we’re providing a potentially large sum of money as an interest-free loan, we naturally need to have measures in place to ensure the funds are repaid so the funds are then available for the next borrower. A small number of loans are made each year to applicants who simply can’t find guarantors. Only the best applications will be selected, and the amounts available for such loans is restricted.
We conduct a credit check on the applicant and guarantors as this helps us to identify the credit score for each person and if there are any active CCJs (County Court Judgements) or insolvency for each person. It also helps us to confirm identity and current address for yourself and your guarantors and also satisfies our anti-money laundering obligations.
Having a bad, or low, credit score will not necessarily negatively affect your application. However, if you have any active CCJs which show on your credit check, then we will be unable to take your application forward until resolved (debt settled or cancelled). If you have any concerns we recommend you call us ahead of making the application to discuss your individual circumstances.
Your loan repayments start three years after the date you complete on your loan, giving you three years to get your business going/developed OR to have completed your course and found a salaried role within your industry. Repayments are made over six years in 72 equal monthly instalments. For example, if you borrow £14,400, you would repay £200 per month for 72 months.
No – if this is your first business idea and you have no prior experience, don’t worry, you can still apply! However, you will need to personally demonstrate the business has the potential to succeed, and justify why you need the loan and explain how it will help you and your business.
A very wide range! We’ve supported all kinds of businesses in the past, including photographers and videographers, personal trainers, food outlets, marketing companies, pet groomers, flower shops, bakers, app developers and much more! You can run any kind of business. There are no restrictions on the type of business – as long as it’s legal! All we expect is the business is set up within six months of taking out the loan, that it becomes your main occupation within three years of taking out the loan and you remain living and trading in the eligible area.
Yes, providing you meet our other eligibility criteria, you can apply!
Yes! Our loans are available to start-ups and developing businesses requiring funding, especially if you have been turned down by other potential lenders.
Yes, as long as you retain a minimum stake of 50% in the entity throughout the entire nine-year term of the loan. If your stake falls below 50%, you will be required to repay the loan in full immediately.
As lenders, the Charity wants to ensure our loans are provided to business ventures which have the best chance of being successful, not only to protect those applying for a loan, but to ensure the loan is likely to be repaid in full. In producing a business plan, applicants can show Trustees the facts and figures which support their application. However, we also know many first-time business owners have never had to worry about running the books – which is why FREE professional support is on offer to all business loan applicants. In addition, as part of the loan agreement, borrowers will be required to submit their business accounts annually, so producing these supporting documents will help you throughout your business journey.
You can use the loan for any postgraduate course, as long you’re able to demonstrate a passion for the course and the career this will lead to. Courses we’ve helped fund in the past include: MBA Global, PhD Fine Art, MA in Music, Masters in Law, MSc Economics & Finance, MSc Health Psychology, MA Audio Production, MSc Animal Manipulation, and more.
No. Provided you meet our eligibility criteria of being a resident in the eligible area for three or more years, the loan can be utilised to help you study anywhere in the world!
No – our grants schemes are only open for a short period of time, usually in the summer months. Please keep an eye on our website and social media channels to hear about our grants opening and closing dates.
Yes! As long as you meet the full eligibility criteria, we welcome former and current loan borrowers to apply for our grants.
No. Previous grant recipients are not eligible to apply again.
We accept applications from sole traders, partnerships, and limited companies – excluding charities and CICs.
Yes. Your business must be operating from Leicestershire or Rutland, and you must also live in the county.
This scholarship is for students expecting to achieve at least 9 GCSEs at grades 7-9, who want to study A-levels (Years 12 & 13) at one of four top independent schools in Leicestershire.
Currently, scholarships are offered at the following schools: Ratcliffe College, Leicester Grammar School, Leicester High School, Loughborough Schools Foundation.
The scholarship covers 55% of tuition fees for the full two years of A-level study.
You’ll need to apply directly to your chosen school – NOT to The Sir Thomas White Loan Charity. Each school handles applications, so make sure you reach out to them first. The school will provide you with an STWLC application form.