This programme has a number of strands which, when put together, provide a comprehensive package of support to local businesses. These strands are as follows:
Loan Fund
If you are a start-up, already a sole trader or a limited liability company and find it hard to get loans from mainstream sources, this £1m loan fund could be for you.
With loans ranging from £2,001- £50,000, applicants will need to be serious about making a success of their business. Eligibility is determined as follows:
- businesses between one -12months old are eligible for up to £10,000
- businesses between 12-18months can apply for between £10,000-£25,000
- more established businesses can apply for up to £50,000
Finance Readiness
You will be given lots of support and advice to ensure you are prepared for receiving such a significant loan, and you will have to put your proposal before a loan panel who will decide if you get it.
Mentors
If you are awarded a loan you will also be offered a business mentor to help you manage the money effectively.
Capacity Building
We want to ensure that everyone who comes to Croydon Enterprise for financial help receives first class service and the right advice. That is why we will provide training to all our partners and business support consultants - to make sure they help you get the funding that’s right for you
Business Angels
Croydon Enterprise is currently putting together a group of successful Croydon business people who are willing to invest in the local entrepreneurs of the future. Known as ‘Business Angels’, they will be prepared to invest their own cash in promising business ventures. If you need more than £50,000 to grow your business or if you simply prefer the idea of equity funding - where you share both the risk and the profits with investors - as opposed to loan-funding, then why not pitch your idea to our angels?
Contacts:
Business specialist GLE oneLondon, is administering Finance for Enterprise for us. For further details on the loans, call 020 8680 6161 or email: keith.m@gle.co.uk, or visit: www.gle.co.uk/onelondon
Links:
If you’ve got any questions about financing your enterprise, our advisers can help. Call the Croydon Enterprise Business Hotline on 020 8680 6161.
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