The leader loan is available to any business which has been succesful in securing grant funding from the Leader project (please see our business support page for details of the Leader programme). This loan is designed to assist successful Leader project applicants with meeting the upfront expenditure which must be incurred before the grant is paid out to reimburse the cost, as agreed within the Leader grant offer letter. Our Leader loan has been designed to be a low interest bridging facility enabling successful grant applicants to proceed with the agreed expenditure to grow and develop their business with the comfort that the receipt of the grant should enable repayment of the loan capital, leaving you to pay any accrued interest.
Key features of the Leader loan are;
- Loan values of between £10,000 to £50,000
- Loan terms of up to six months
- Interest only payments during the loan term
- Full repayment of the loan capital and outstanding interest on receipt of the Leader grant
- Interest rate fixed at 10.0%
- An arrangement fee of 1.75% (minimum £250.00) is payable at the time the loan is drawn down
- No monitoring fee payable during the term
- Loans are unsecured (except for Limited Companies where personal guarantees may be required from Company Directors)
Should the loan remain outstanding beyond the six month term, the outstanding balance may be converted to a term loan on our standard loan terms (see our finance page for details).
- Do you have a business plan?
- Are you looking for finance up to £100,000?
- Is your business based in Cumbria, Northumbria, Country Durham or North Lancashire?
- Please complete our enquiry form and we will get back in touch with you.