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.

Summary details

• Borrow up to £7,500.
• Interest fixed for three years (currently 12% p.a.)
• 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 will provide a mentor, free of charge, to guide you during the first period of your trading.

Indication of repayments

To repay £5,000 over three years, you will need to make 36 monthly repayments of £167.74 (excluding our administration fee). 
(Correct at current rates at 05/10/2007 - contact us for repayments on other amounts or periods.)

How to apply

Step one
Speak to our start up loan manager (020 7940 1569 / 1583) 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:

• Business plan
• 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).

Download the application form here

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.

Larger start up loans

Larger start up loans (up to £20,000) are available for businesses in London's most disadvantaged neighbourhoods

Click here for more information