Photo courtesy Charlie Round-Turner show photo

Wandsworth Business Loan Fund

46_182_Newable_logo.jpg

Finance for Wandsworth Businesses


**For the use of Sole Traders/Partnerships seeking finance over £25,000 and any Limited Companies only**


Are you struggling to raise the finance you need to grow your business from the bank? 

We may be able to assist.

Wandsworth Chamber of Commerce has teamed up with Newable (formerly GLE oneLondon) to help growing business access the Wandsworth Business Loan Fund (WBLF).

Wandsworth Chamber of Commerce will provide their expert business support services to help develop and package your application for a business loan.

Newable, one of the UK's leading non-bank finance providers will be the source of the funding to successful applicants. Newable are authorised and regulated by the Financial Conduct Authority. This loan fund provides finance to eligible established businesses in the London Borough of Wandsworth to support their growth ambitions and create or protect jobs.

 

What are the key features of a WBLF loan?

  • Unsecured* business loans between £10,000 and £50,000
  • Repayments - monthly by Direct Debit
  • Fixed interest rate - rates between 12% to 16% per annum depending on business risk**
  •   Arrangement Fee - a fee equivalent to 2% of the loan value will be charged.

*Directors' guarantees are required for Limited Companies. A security assessment will take place to determine the eligibility for an unsecured loan supported by the Enterprise Finance Guarantee (EFG)

**Newable operate the Enterprise Finance Guarantee (EFG) scheme which, if applied, will inherit an additional 2% premium charge

 

Representative Example

Below is a representative example of how much you could be paying for the loan.

You could borrow £50,000 over years with 60 monthly repayments of £1,163.41. The arrangement fee for the loan will be £1,000. The total amount repayable will be £69,804.75 at 14.91% APR representative, and an annual interest rate (fixed) 14%

 

What are the benefits of a WBLF loan?

  • Free, personalised, impartial support from a dedicated Finance Expert to help you throughout the entire application process.
  • There are no early repayment fees. You can pay the loan back at any time without any penalties.
  • No automated credit scoring - each application is assessed on its own merits.


Is my business eligible to apply?

Loans are available to businesses which:

  • have been trading for at least 12 months;
  • are a sole trader or partnership seeking more than £25,000 or are a limited company; and
  • are in, relocating or expanding into the London borough of Wandsworth

 

What is required of me?

Applications will involve providing the following documentation (not an exhaustive list) which an experienced Business Advisor will assist with:


  • Proof of Identity (POI) and Proof of Address (POA)
  • Business Plan
  • Cash Flow Forecast
  • Financial Statements
  • Credit Report and
  • Bank Statements of the business

 

Refer Fee

Newable will pay the Chamber a referral fee for the successful drawdown of loans to Limited Companies where the Chamber has provided a completed Application Form, Business Plan and Cash Flow Forecast. In any instance the Chamber will declare this fee to you.

 

How do I apply?                            

Contact a Steve Pinto at the Wandsworth Chamber of Commerce:

T 02032897887 or 07766051735

E steve@wandsworthchamber.org

W www.wandsworthchamber.org 

 

Our Patron Members