Loans to grow your business

GLE oneLondon growth loans are designed to help existing businesses to grow; perhaps by expanding into new markets, introducing new products, investing to improve efficiency, or just coping with increased business.  These loans are only available if your application has been declined by your bank.  We will review your application and decide whether we can help you.

Summary details

• Borrow up to £40,000

• Repay monthly over up to five years by direct debit from your business bank account

• Interest rate fixed for first three years, currently (05/10/2007) 12.0%

• A one-off administration fee (max £500) is payable, to cover our running costs.

• The business needs to have been trading successfully for at least 18 months and be able to provide certifiable financial accounts

• We may not require firm security but directors will need to guarantee loans to limited companies

• Open to businesses anywhere in London

• Loans may not be used to re-finance existing borrowings

• We will provide a mentor to guide you during the early stages of your growth (depending upon circumstances you may need to contribute towards the cost)

• We may require you to join the Small Firms Loan Guarantee Scheme, where an additional fee of 2.0% is payable

Indication of repayments

To repay £20,000 over five years, you will need to make 60 monthly repayments of £445.62 (excluding the administration fee).  Repayments in years four and five may vary depending upon interest rates at that time. (Correct at current rates at 05/10/2007 - contact us for repayments on other amounts or periods.)

How to apply:

Step one
You will need a business plan to explain your growth plans. If you need help preparing this plan, contact us as you may be eligible for a scheme which provides an expert to help you.

Step two
Once ready, send us your business plan and completed application form.

Download application form

Step three
A loan fund manager will visit you at your business premises to discuss every aspect of your application.

Step four
If the manager is satisfied, he will recommend that you should present your business plan to the loan panel. If the panel likes your application your loan will be approved.

Step five
You will need join a mentoring scheme and a representative from GLE oneLondon will visit from time to time throughout the life of the loan.

Larger growth loans

Larger growth loans (up to £50,000, and up to £250,000 on a profit sharing basis) are available for businesses in London's most disadvantaged neighbourhoods.

Click here to read more about larger growth loans

Getting ready for finance

Support from a business adviser to write your business plan with you and help you to prepare to approach your bank or GLE oneLondon's loans, through the access to finance programme.

Click here for more information