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T: 01768 867118
E: [email protected]

Mardale Road
Penrith
Cumbria
CA11 9EH

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Terms & Conditions

Cumbria Community Asset & Reinvestment Trust Ltd

Terms and Conditions of Business

Background

  • Loans from Cumbria Community Asset & Reinvestment Trust Ltd (CCART) trading as Enterprise Answers (EA) are available to individuals and companies for business purposes only. Where an applicant has been offered insufficient finance from other sources EA can offer “top-up” finance. Loans are available from £10,000 up to £150,000 (subject to criteria and which fund is being utilized for the loan) to start or expand a business and where the applicant meets the eligibility criteria for the fund.
  • Loan repayment terms of up to 10 years are available (subject to criteria and which fund is being utilized for the loan). A capital repayment holiday may be available during the term of your loan.

Purpose of Loan

If a loan is offered, it is on the condition that the money will be invested in the nominated business as proposed in the Business Plan & Application Form. However, in the case of consumer credit loan agreements, if you accept the loan, it will be a personal debt and not dischargeable by winding up your proposed/existing business. EA will use every facility available to pursue repayment of the loan. The loan cannot be used to fund past debts unless approved by EA.

Application Process

  • The Applicant(s) must demonstrate the viability of the business proposal by the provision of a “robust” business plan, cash flow forecast and any other information as may be requested to consider the application.
  • A Business Lending Manager will be appointed to assess your application and there may be a charge for any work undertaken as a result of your application, whether successful or not. If your application is unsuccessful or withdrawn, and EA has undertaken such work, you hereby agree to pay EA for any reasonable costs incurred.
  • The Business Lending Manager will present the business application to the lending panel.
  • Applicants will be informed of the decision afterwards and these decisions are final with no right of appeal

Fees and Charges

Arrangement Fee

  • The Arrangement Fee is the amount you must pay for the cost of the preparation and administration of your loan application and loan agreement. The fee is calculated as a percentage of the loan amount stated in the loan agreement.

Repayments

  • Loan repayments are made on a monthly basis, unless otherwise agreed.

Security

  • Security may be required for loans and in all cases, personal guarantees & indemnities are required from company directors. Where there is insufficient security available, EA may also consider the use of any applicable Government loan guarantee scheme for which EA may be accredited to use and any usage of such scheme, will be at the sole discretion of EA. Charges for the arrangement of security applicable to the loan agreement may apply.

Legal and Admin Fees

  • You must pay all reasonable costs and expenses incurred by EA as a result of you defaulting on or breaching the loan agreement or your loan agreement being terminated for any reason or, any action by you that results in EA taking steps to recover money from you or rearrange the collection of repayments from you, including any restructuring or variation of the loan agreement or, any additional work whatsoever carried out by EA or its agents after the loan agreement has commenced and not caused by our own negligence.
  • In the event of non-payment, EA may use a debt recovery agent and/or solicitors to recover any monies owed by you and you will be required to pay the full amount of any fees charged, costs, expenses or disbursements incurred as a result of your non-payment.
  • In the event that a Court judgement is obtained, EA may use enforcement officers or other lawful means to enforce the judgment against you. Any costs incurred by EA after a court judgment has been obtained against you will be added to the total judgment debt and you may have to pay us both the amount of the judgement and any further costs incurred to recover the debt.
  • In the same way, interest may be applied at the statutory rate to any outstanding balances after judgement has been obtained.

Performance Monitoring

  • In the case of all loans provided by EA, the borrower is required and agrees to provide EA, as a minimum by way of financial information, with a copy of their full annual business accounts each year.
  • In addition, the borrower agrees to provide EA promptly with such financial or other information as EA may from time-to-time reasonably request, to enable EA to understand and assess the financial position and performance of the borrower’s business

Data Protection and Disclosure Declarations

  • On signing the Acceptance of Terms & Conditions you agree to Cumbria Community Asset & Reinvestment Trust Limited/EA undertaking a credit check, identification verification and fraud check on you and providing your information to any organisation/individual associated with the provision of the funding requested. If you do not wish any of your details to be shared with any of the parties named below, you should not sign this document.
  • By signing the Acceptance of Terms & Conditions you are giving your permission to EA and Allerdale Borough Council (where your loan is administered from the Allerdale Business Support Fund), to:
  • By signing the Acceptance of Terms & Conditions you are giving your permission to EA and Eden District Council (where your loan is administered from the Eden Business Support Fund), to:
  • By signing the Acceptance of Terms & Conditions you are giving your permission to EA, British Business Bank and the UK Government, if the application is administered under any applicable Government loan guarantee scheme, to:

                      i. make any enquiries about your loan application;

ii. take up references about you and your business;

iii. give information to each other about you and your business; and

iv. give information to any official involved in administering or monitoring a Government loan guarantee scheme;

  • By signing the acceptance of Terms & Conditions you consent that the information you give may be used for the purposes of preventing and detecting crime and that any misleading statements (whether deliberate or accidental) given at any stage during the application process may render the application invalid and the applicant(s) may be liable to return any money already paid out.
  • By signing the Acceptance of Terms & Conditions you are giving your permission to EA to approach your bankers and/advisors for clarification should the need arise.
  • By signing the Acceptance of Terms & Conditions you agree to be bound by these terms and conditions

Note: By misleading or giving false information in the process of this application you may be guilty of a criminal offence. If you are in the process of or intending to begin insolvency proceedings, such as, an Individual Voluntary Arrangement (IVA), Company Voluntary Arrangement (CVA), liquidation of the business, appointing receivers or bankruptcy and do not disclose this fact at this stage, then you may also be guilty of a criminal offence. If you are personally insolvent and it is reasonable to assume from your circumstances that this is the case and you do not disclose this to EA, then you may be guilty of a criminal offence.

EA’s policy is to pursue prosecutions in such situations, vigorously.

Enterprise Answers is the trading name of Cumbria Community Asset and Reinvestment Trust Limited, a

Cooperative and Community Benefit Society. Registered No. 29830R, authorised and regulated by the

Financial Conduct Authority (722385)