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Small Loan Fund

Provided by North East Fund

The coronavirus is causing huge difficulties for businesses in the region. The North East Fund is continuing to support SMEs with their financing needs.

For Northumberland, Tyne & Wear and County Durham based businesses, and entrepreneurs looking for financial support or advice with projects that may help tackle issues caused by coronavirus, please email [email protected] with a short summary of your project and your requirements. A member of the North East Fund team will get back to you.

The £9 million North East Small Loan Fund is a specialist provider of SME finance to support a wide variety of growth plans. The Fund typically advances loans of £10,000 and £50,000 to support actively trading businesses throughout Durham, Northumberland, and Tyne & Wear.

With a mission to boost economic growth across the North East, the Small Loan Fund will help make securing affordable finance achievable by providing unsecured loans which do not require the lender to take charges over business assets or Director’s Guarantees.

The fund is managed by NEL Fund Managers whose local investment team are committed to supporting sustainable business plans backed by credible management teams. Many businesses who have already received Small Loan Fund investment are now celebrating the growth they have achieved as a result. You can read more about these businesses on here

As well as offering loans, the Small Loan Fund also offers free support and events to help businesses achieve their potential. If you’re interested in hearing about future fund updates and business support activities please subscribe here.

In summary:

The Small Loan Fund supports small businesses with big plans.

• Typical investment range £10,000 to £50,000
• Terms of up to 5 years
• Loans are unsecured, without the need for Director's Guarantees
• No arrangement fee on loans under £25,000

Supported by the European Regional Development Fund, The North East Small Loans Fund is designed to facilitate the creation of 1200 new jobs in the region by investing in 320 local SMEs by the end of 2022.

Tagged under EU Exit Coronavirus Covid19