The smaller business loan scheme
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This pamphlet describes a plan to regenerate industry and is run in conjunction with the Council for Small Industries in Rural Areas.
Many smaller businesses already have the support of private investors but still need financial assistance and advice which is where the Smaller Business loan scheme comes in. Whether the business is starting up or expanding, the scheme offers a package of advice through CoSIRA and finance through Barclays. Any sole traders, partnerships or limited companies located in the English countryside or in country towns with a population of up to 10,000, are eligible to apply for a loan under the scheme. They must not employ more than 20 skilled persons although the number of unskilled employees is unlimited.
Basically, the scheme provides financial assistance in the form of a loan for new or established businesses. You can borrow between £2,000 and £250,000. And, depending on how the finance will be used, have between two and 20 years to make your repayments. Terms for security are discussed on an individual basis, but loans under 10 years may be unsecured.