The fund provides unsecured loans of up to £25,000 for new businesses, and up to £100,000 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
Enterprise NI is the Business Support Partner delivering Start Up Loans in Northern Ireland. A Start Up Loan is a personal loan for business purposes for a term of 1 to 5 years at a fixed rate of 6% per annum. Applicants must be aged 18 or over at the time of the application. A credit check will be completed.
All owners or partners in a business can individually apply for up to £25,000 each, with a maximum of £100,000 available per business.
The average loan amount is £9,295.
Fixed interest rate of 6% p.a.
1 – 5 year loan repayment term.
Free application support.
No application or set-up fees.
Free post-loan support and mentoring.
Free templates and guides.
To be eligible to apply for a Start Up Loan, you must meet the following criteria:
Be a current UK resident
Be 18 years of age or older.
Be starting a new business or have been trading for up to 36 months.
Have the right to work in the UK with their business based in the UK.
Be unable to secure finance from other sources (self-declaration is ok)
The type of business and reason for wanting the loan is eligible under the terms of the scheme.
The NI Small Business Loan Fund is part of Invest NI’s Access to Finance Strategy, managed and delivered in Northern Ireland through the partnership of Enterprise NI and Ulster Community Finance Ltd.
Loans range up to £100k for existing businesses and up to £15k for start-ups.
Funding can be provided for a range of purposes including Working Capital, Asset Purchases, Growth Finance, Start-Up Costs, and Match Funding..
To be eligible to apply for a NI Small Business Loan Fund, you must meet the following criteria:
Businesses must be predominantly based in Northern Ireland and have been unable to access mainstream finance.
Flexible term up to five years with flexible repayment breaks with no penalty.
Full early settlement rebate.
Personal support every step of the way.
The fund lends to individuals for business purposes and Limited Companies. Loans are typically unsecured however Personal Guarantees may be sought.*
Business Loan pricing quotes can be obtained using the loan calculator.*
* Credit is subject to status, affordability assessments, and credit checks. Terms and conditions apply.