Loans
What is Available
Start up loans of up to £5,000 are available over a maximum of 36 months.
Eligibility
- The Loan Fund is open to applicants from Tyne & Wear, Northumberland and North Durham. Businesses which have commenced trading are not eligible. Applicants must be aged 18 or over, as well as have in place an established domestic (land line) telephone number. Applicants will have to demonstrate some degree of social or financial disadvantage to qualify for consideration. All loans are made to individuals and not Limited Companies. Directors of Limited Companies can apply in their personal capacity.
Applications
-
Applicants must be a client of a recognised Enterprise Agency,
who will submit the completed application to the Loan Fund Manager at PNE.
A completed application will comprise an Application Form,
a Business Plan, and a letter of recommendation from the Agency.
You must go through this process to apply: you cannot apply direct to the Loan Fund.
Decisions
-
A credit check will be carried out on all applicants,
and an adverse credit history will be taken into account when assessing an application.
The Loan Fund has limited resources, and it must be understood from the outset that
"going through the process" does not guarantee success.
The decision whether or not to offer a loan is made by an independent panel of Trustees whose decision is final.
Having agreed a loan the successful applicant
must have in place a business bank account before the loan can be released.
Declined applicants cannot reapply,
nor will the Trustees or Loan Fund Manager enter into any correspondence regarding a decision.
the white t-shirt company
Two years after providing an initial start-up loan,
PNE backed the environmentally
friendly White T-shirt Company with
a further expansion loan.
Penny Jones' clever and distinctive range
of simple white t-shirts
have proved an instant hit.
Made from organically grown Danish Green Cotton,
there's a wearable difference
because no chemical finishes are used.
Key Figures to Dec-07
1037 loans agreed
£3.8m lent
2138 jobs created
£9.32m levered
66% of businesses supported were still trading three years on
£3.8m lent
2138 jobs created
£9.32m levered
66% of businesses supported were still trading three years on
Presently the Loan Fund is co-funded by the European Social Fund.
Further Information
