The fund provides unsecured loans of up to £25,000 for new businesses, and up to £50,000 for existing businesses.
The loan is:
A gap financing solution to allow businesses to complete funding requirements
Repayable over a maximum of 5 years for start-up and existing businesses
ENI Loan Assessment
Applicants for the ENI Loan must be able to demonstrate the viability of the business with a business plan.
All applications will be assessed by the Enterprise Northern Ireland Loan Fund team.
Who is eligible to apply for a loan?
- Applicants must be 18 years of age or over. There is no upper limit
- The business must be legal, moral and non-discriminatory
- The business must be commercially viable
- Applicants must be unable to access normal means of finance, and have access to an active bank account
- Applicants must have a clean credit record
What the loan can be used for?
Loans are to be used for business purposes only:
- Purchase of machinery/equipment
- Provision of additional working capital – for business development
- Payment towards other expansion costs.
Loans cannot be used to consolidate other debt
The ENI Loan Fund provides business loans to individuals starting out or already running their own business:
Loans of up to £25,000 repayable between 1 and 5 years
Interest rates are fixed at 6% (6.2% APR);
No arrangement fees or early settlement penalties;
Up to a maximum of 15 hours mentoring support in the 12 month period following disbursement of the loan;
Access to a range of exclusive offers from Corporate Partners such as Regus, EBay, PayPal and others;
For further information visit http://www.eniloans.com/.
The Northern Ireland Small Business Loan Fund is part of Invest NI’s Access to Finance Strategy.
The fund provides unsecured loans to social enterprises and SMEs in the micro enterprise sector in the start-up and growth phases.
The fund helps to bridge gaps where other funding options have been exhausted. Loans to recipients are in the £1k – £50k range.
ENI works alongside Ulster Community Investment Trust (UCIT) as fund managers. During 2013 loans to the value of £0.5m were processed for 21 businesses.
For further information visit www.nisblf.com.
