Test trading loans

In... GLE oneLondon delivered the £xxx test trading loan programme.

Available to anyone in London over the age of 18 who had either refugee-staus or EU citizenship, the programme provided loans of up to £1,500 to London's entrepreneurs needing a initial cash injection to test their business idea.

Many businesses are not as successful or fail because they have not had the time or the money to 'test trade' their ideas. The "Test Trade Loan" was therefore an excellent opportunity for entrepreneurs to experience the successes and difficulties before their business was launched. Alongside the provision of a loan, participants were also provided with extensive business support to further their personal and entrepreneurial skills of and thus ensure the success of the business. This support included a mentor being assigned to each loan beneficiary, one-to-one advice, and the provision of networking and business planning events.

Applcation forms for the test trade loans were distrubuted to potential candidates by GLE oneLondon outreach workers who would assess the application and then recommend to the GLE oneLondon Senior Business Adviser. This in turn, led to an interview to discuss the business proposition further. If this was successful the loan would be distributed within approximately four weeks.

The terms of the test trade loans were:

• Borrow up to £1,500
• No interest to be paid, just a monthly management fee
• Loan repayable over six months - two years by Direct Debit
• Loans are unsecured
• You will be required to attend business planning training and meet with a mentor