Loans for growing businesses in Croydon
Helping SMEs at the forefront of Croydon’s economic recovery
Founded in 2008, GLE’s £1m Croydon Enterprise Loan Fund was set up to support Croydon businesses, which may not have been able to access finance from banks.
Over the last four years £1.3m has been lent to 150 businesses and 100 jobs have been created as a result of the fund.
After the 2011 Riots, GLE’s Croydon Loan Fund team were deployed as a source of emergency finance to affected businesses, many of whom were able to resume trade within weeks of the event as a result of the support they received. Read more about how GLE’s Croydon Loan fund team supported riot-affected businesses.
The Croydon Loan Fund offers eligible businesses:
- Loans of £2,001 - £25,000
- Up to three years to repay the loan
- Interest rates at 4.99% pa, fixed for duration of loan (updated on 8th April 2013).
Priority will be given to applications which are likely to create jobs for local people.
There are no fees
No facility or arrangement fees are charged. There are also no penalties for early repayment, either partially or in full.
Practical support to help Croydon businesses access finance
Through the Finance for Change project Croydon businesses can also access free tailored one-to-one coaching, seminars, workshops and networking events to:
- Understand the process of raising finance.
- Create a funding strategy to help secure finance.
To be eligible for a loan your business must:
- Be located in, or be relocating to, the London borough of Croydon.
- Have been trading for at least 12 months, and be able to provide 6 months business bank statements.
- have been unsuccessful in obtaining finance from conventional commercial sources.
- be recognised as an SME.
- be using the loan to further the purpose of the business and not to directly or indirectly finance the personal expenses of its owners, nor should it refinance or repay existing business borrowing or debts.
- Be aged 18 or over.
- Be permanent residents of the UK or have indefinite leave to remain in the UK.