The Repayable Grant offers interest free loans of £1,000 to £5,000, repayable over one to two years, to support the creation of new businesses and the growth of existing small businesses that have potential to create additional jobs. The loan can be used for start-up costs, the purchase of capital equipment or working capital to support the growth of the business. Now available to both new and existing businesses – sole traders, partnerships, limited companies and 3rd sector enterprise.
It cannot be used to address short term cash flow issues. To be eligible for support, applicants must provide a detailed business plan with at least two years financial projections, demonstrating a viable business. Historical accounts must be provided if the business is already trading.