Loans to start your business
GLE oneLondon start-up loans are designed to help you get started in business once you have developed your business idea and are ready to make it work.
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.
Quick facts:
- borrow up to £20,000
- interest fixed for three years (8.81% at 4th February 2009)
- a one-off administration fee (max £225) is payable, to cover our running costs
- repay monthly over up to three years by direct debit from your business bank account.
- no security is required but directors need to guarantee loans to limited companies
- open to businesses anywhere in London
- we may provide a mentor, free of charge, to guide you during the first period of your trading
Repayment example: To repay £5,000 over three years, you will need to make 36 monthly repayments
of £158.51 (excluding our administration fee).
How to apply
Step one: Speak to a member of our loans team on 020 7940 1571 to discuss what you need to do to get ready to apply.
Step two: Download and complete our application form and send it to us together with:
- your business plan (Download our business plan template guidelines)
- an up-to-date CV
- Equifax Self-Credit search (www.equifax.co.uk)
- copy of your photo ID (passport or photo driving licence)
- a letter from your bank declining your application for finance
- utility bill (gas, phone, or electric, but not a mobile phone bill)
- bank statements for the last six months (on your business account, or if you have not started trading, on your personal account)
Step three: We may invite you to a loan panel meeting to discuss your application further, when we will decide whether we can help.
Step four: After your panel meeting it may take three to four weeks before your money is transferred into your bank account, and your first monthly repayment must be made one month later.
