Loans for established and growing SMEs operating in all sectors and across all areas of the UK, with a particular focus in the North West, Yorkshire and Humberside, with the aim of supporting business growth.
The programme has an overall budget of £40 million.
Individual loans of between £150,000 and £1 million are available.
The Enterprise Ventures' SME Loan Fund was launched in June 2015 and provides loans to established and growing SMEs in all sectors and across all areas of the UK, with a particular focus in the North West, Yorkshire and Humberside.
The aim of the scheme is to support business growth. For example, a business may require additional working capital to fund expansion, cover the cost of fulfilling a new contract or buying stock. Alternatively the scheme can provide finance to acquire a new property or to improve existing premises. It can also help with an investment in new plant, machinery, a new IT system or other assets.
Typically loans cover a period of up to five years maximum and are tailored to the applicant’s specific business requirements with competitive rates and terms.
Although there are no specific exclusions cited within the programme guidelines, those wishing to apply are advised to liaise with the funding provider in the first instance to discuss eligibility.
Small to medium-sized businesses (SMEs) operating in all sectors and at all stages of development in the UK may apply.
The business must have been trading for three years or more and have current or anticipated operating profit of £100,000 and a minimum turnover of £1 million a year.
Match funding is not a stipulated requirement of this programme.
Loans are available for a wide range of purposes, including acquisitions, asset purchases, operational improvement and business development.
The loan can often address a funding gap where banks and other lenders are unable to provide the full requirement.