We’re here to support jobs, opportunity, growth, innovation and enterprise
We lend to businesses operating across the West Midlands region. We lend with partners, or refer to partners – including other CDFIs – where appropriate.
Our application process is geared towards understanding your business and assessing whether we can help. It gives us enough information to ensure that the process moves swiftly.
You can download an application form and either email or post it to us, or make a fast track enquiry by filling in the form to allow us to make a quick preliminary assessment of whether or not a full application is likely to be successful.
When an application is received it is allocated to one of our Loans Managers. If we find that further information is required, we will advise you as soon as possible.
After making an initial assessment, the Loan Manager will arrange a discussion with you to gain a full understanding of your business and financial needs.
We aim to complete the process, once we have received all the information, within 21 working days.
Overview of Terms
- Amounts between £10,000 – £150,000
- For businesses and social enterprises based in the West Midlands
- For most business purposes and sectors
- Repayment terms from 6 months to 7 years
- No penalty for early repayment
- Interest rate between 10%-18% over Bank of England base rate (variable) dependent upon assessed level of risk
Representative example for an unsecured business loan of up to £25,000.
Annual Interest Rate (variable) of 13.25% p.a, arrangement fee (5% of the value of the loan drawn down),with a representative 16.6% APR based on borrowing £20,000 and repaying over 60 months with 60 monthly repayments of £480.55 with a total amount repayable of £28,833.00
Frequently Asked Questions
Q – Who can apply for a loan?
A – Loans are available to any type of business – from sole traders to limited companies, including social enterprises and charities.
Q – How long can I have the loan over?
A – The minimum loan term is six months and the maximum term is seven years. The actual term of loan will depend to some extent on what the funds will be used for. If it is for a capital asset it would be for less than the useful life of that asset. If it is for cash flow then we will try and tailor our loan to suit the projected cash generation of the business.
Q – How much do I have to put towards the project?
A – There is no specific amount we would expect to see. However, we would expect the applicant to be fully committed to the business and have a financial stake in the success of the venture.
Q – Is security required?
A – Many of our loans are unsecured, but security may need to be pledged for larger loans. Personal guarantees are required.
Q – Are there any charges if I repay early?
A – No. There are no penalties.
Q – How much can I borrow?
A – The minimum loan is £10,000 and the maximum is £150,000.
Q- Are any sectors excluded?
A – Unfortunately there are some businesses that we are unable to support – this is normally the case where there is little social impact or limited jobs being created – but most are eligible- call us to discuss
Q- How do I apply?
A – Easy! Just download and complete the application form from the link above and get it off to us as soon as possible.