We provide financial assistance to established businesses with growth potential. The aim is to provide gap funding which will complete a finance package usually including bankers, the principals and other enterprise funders such as venture capitalist. The County Council's funds are aimed at enabling the business expansion to go ahead. Applicants must demonstrate a strong case of need.
The principal criteria is job creation and the viability of the proposed expansion.
Terms and Conditions
Fixed term loans, fixed interest charge of Bank of England base rate plus 3%. Maximum term 10 years.
Capital holidays apply if deemed appropriate.
Maximum loan £250,000.
In certain circumstances equity finance may be provided.
Security
The County Council requires as a minimum, the personal or joint and several guarantees of applicants. In certain cases a second charge ranking behind the banks security may be required.
Purpose
Loans are available for working capital purposes only. Fixed capital purchases cannot be financed.
Application Requirements
Completed application form, comprehensive business plan including at least two years financial forecasts, last three years audited accounts, and latest management accounts.
New Business Start Up
The Council does not generally provide loans for start ups. However, if there is significant job creation at the outset, experienced management in place, and substantial financial commitment by the principals, the Council may offer assistance if a shortfall exists.
For additional information and/or an application form contact:
Avril Howker
Nottinghamshire County Council
Regeneration
Culture and Community Dept
County Hall
West Bridgford
Nottingham
NG2 7QP
Tel: 0115 977 2025
Fax: 0115 977 3859
E-mail: avril.howker@nottscc.gov.uk
Alternatively, fill in the general enquiry form