The East of England Regional Growth Loan Schemes are supported by the Department for Business, Energy and Industrial Strategy and are open to established businesses in the eastern counties.
Eligibility
The funding is aimed at businesses that are able to demonstrate strong growth potential, with a medium to long-term funding requirement to deliver that growth.
Applicants must
- Be a small to medium sized enterprise (SME) established as a limited company;
- Have a material part of its operation in Essex, Suffolk, Norfolk, Cambridgeshire, Bedfordshire or Hertfordshire; and
- Have a clear business plan to achieve significant growth
The loans
There are three different types of loan scheme available
Expansion Loans
- Loan amount of between £50,000 – £250,000;
- Loan term of up to 5 years with a capital repayment holiday of up to 6 months;
- Businesses must have been trading for at least 12 months, with £100,000 sales per annum; and
- Require finance to invest in scaling up activities that will deliver substantial growth.
General Trade Finance Loans
- Loan amount of between £50,000 – £250,000;
- Loan term maximum of 3 years, revolving facility; and
- Businesses must have a trade funding requirement that may include working capital for new contracts, up-front tooling requirements or short term irregular invoicing patterns.
Specific Contract Finance Loans
- Loan amount of between £50,000 – £250,000;
- Loan term maximum of 12 months;
- Businesses must have a short term funding requirement that may include working capital for specific individual new contracts, short-term irregular invoicing patterns from specific contracts or up-front tooling requirements for identifiable medium-term contracts.