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Soft loans
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Sometimes grant-awarding bodies offer loans instead. Soft loans are provided by the government or a sponsor organisation and are repayable at very low interest rates, if any. Typically they require far less security than a commercial loan and, like grants, are designed to overcome the "equity gap" -the inability of young or small firms to raise
between 2200,000 and 22m to expand.
Also of interest could be the Small Firms Loan Guarantee Scheme run by the newlyformed Enterprise Directorate. This guarantees up to 75% of your loan in the event of non-payment.
Loans can be between 25,000 and 2100,000 for new businesses, and up to 2250,000 for those which have been in business for more than two years. Turnover must be below 23m
The first point of contact if you want a SFLG is your local Business Link organisation. To find you local office visit www.businesslink.gov.uk