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So you have an idea and meet eligibility criteria. what next? Talk to the Loan Fund Manager for an initial discussion. He will provide you with the information you require and put you in contact with the relevant specialist advisor, if appropriate. You will need to complete an application form, provide us with a letter declining finance from a Bank or Building Society and a business plan. The business plan should include a cash flow forecast, projected profitability and personal survival budget. Don't worry if you have never completed a plan before, we'll help you. The Loan Fund Manager will discuss the application with you, assist with the completion of any documents and assess the viability of the proposition. All viable propositions will then be forwarded to an independent loan assessment panel that will make the ultimate decision. The panel meets monthly. Once the loan has been agreed the Loan Manager will complete the agreement form with you and arrange to advance the funds. The Loan Manger/Local Enterprise Agency will also provide you with ongoing mentoring support throughout the term of the loan. |
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How does it work? 