New Enterprise Allowance Loans
Get a loan of up to £1000 for your start-up business, through the New Enterprise Allowance (NEA) scheme.
The loan is available to Jobseekers Allowance (JSA) claimants who have started a business through the New Enterprise Allowance pre-trading mentoring scheme.
To access this funding you should:
- Have completed the New Enterprise Allowance pre-trading mentoring scheme;
- Be based in London, Bedfordshire, Hertfordshire, Essex, Kent, Scotland or Wales; and
- Have an NEA approved business plan, including a cash flow forecast and a personal survival budget.
Up to £1000 is available to fund:
- Purchasing equipment; or
- Vehicles, if this is an integral part of your business.
The loan cannot fund:
- Vehicles (unless they are an integral part of your business);
- Trips abroad (including conferences);
- Some forms of training (unless this is considered operationally necessary);
- Research or product development;
- Training or studying costs, although some forms of training that are legally required for a business to operate, such as health and safety training, may be eligible;
- The repayment of existing debt;
- Political activity;
- Any activity which may bring the fund into disrepute.
The key features of the loan
Amount Available : up to £1000. The minimum amount you may borrow is £300.
Term : the loan may be repaid over 3 years.
Interest rate : The loan's interest rate is 9% and no more than 10% APR (annual percentage rate).
Fees: There are no fees payable for this loan at any time.
Early Settlement : the loan can be repaid in full, or in part, at any time during the repayment period.
Repayments : the loan features interest only payments in year 1, and Capital and Interest payment in years 2 and 3.
For more information
For more information on the New Enterprise Allowance Loan Scheme telephone 084 5241 4485 or visit www.gleenterpriseloans.co.uk to submit an online application.