The Loan Fund

Where new entrants and tenants with limited capital and track record are unable to raise sufficient finance from their banks and other traditional lending sources, the Fresh Start Loan Fund could provide the complementary finance to bridge this gap.

 

The fund will provide loans of up to £50,000. It is expected that applicants will raise at least half of the required finance from other sources. However, consideration may be given to applicants for more than 50% of costs if the need can be substantiated. 

 

As a lender of last resort, the fund will only consider applications from participants who are already within the Fresh Start Initiative. Loans will accrue an annual interest rate of 7.5% and will normally be for periods up to 7 years. Capital repayment holidays will be considered. Most reasonable costs of a business venture, other than land purchase, will be considered for support.

 

The Loan is managed by the South West Investment Group (SWIG) as an integrated element of the Fresh Start Initaitive. SWIG will only consider applications from Fresh Start participants who are unable to raise sufficient finance from banks and other traditional lending sources. All applications must be submitted via appointed advisors.

Applications must be accompanied by a business plan and a covering letter from the professional advisor allocated to the applicant under the initiative, confirming their support of the application. Loans will be granted on the strength of the proposed business plan and the final decision on award approval is made by the Loan Fund Appraisal Panel.

For more information and to download an application form click on the link below

http://www.southwestinvestmentgroup.co.uk/docs/fresh_start.htm