The Merton Business Loans Fund is partly financed through the Regional Growth Fund and the London Borough of Merton. The Fund is delivered on behalf of the council by leading business finance and support organisation the Greater London Enterprise.
The Fund aims to assist eligible small businesses with growth potential and viable business plans.
Loans of £10,000 to £20,000 are available.
Interest rates are 10-16% depending on how risky it may be to lend to the applicant.
Applicants have up to three years to repay the loan.
The loan arrangement fee is 2%.
Applicants can use a Merton business loan to strengthen or grow their business. For example they could use it to:
• Protect or safeguard jobs.
• Recruit new employees.
• Cover the cost of marketing and promoting their business.
• Purchasing stock and equipment.
• Securing business premises.
• Developing their website.
Assistance is available to businesses based in Merton or thinking of relocating to Merton that have been trading for more than 12 months and employ between two and 49 staff.
• have an annual turnover of less than £5 million;
• have been turned away from commercial lenders, such as a high street bank; and
• have a viable business plan, which demonstrates their ability to repay a loan.
Priority will be given to applications which are likely to create or safeguard jobs for local people.
Applicants should contact the provider direct to discuss any additional criteria that may apply and deadlines.
Link to guidelines: http://www.gle.co.uk/finance/merton-loan-finance.php
Greater London Enterprise (GLE)
10-12 Queen Elizabeth Street
London SE1 2JE
Tel: 0845 603 2820