EEDA's regional growth loans of £50,000 to £200,000 are available now to new and existing business in the East of England with the potential for long term growth.

Who's it for?

Loans are available to SME's that

Are based within the east of England

Have a minimum turnover of £500k (This can be complied with on an annualised basis using at least 6 months trading numbers and in the knowledge that there are no exceptional/seasonal revenues in the period used)

Have growth potential (see more information)

Have a long term investment need

What it is not for

Loans will not be made available to businesses looking to refinance existing financial arrangements

Loans will not be made available to businesses looking to raise working capital

Who is it run by?

The loan fund is managed on behalf of EEDA by Finance East Loan Management Ltd.

How can you apply?

To find out if you are eligible for this loan, or to find out more please contact Kevan Jones on 01276 608 523 or alternative e-mail: enquiries@financeeast.com

Key terms

Interest is agreed on a case by case basis reflecting the level of risk (Between 5 - 9% above base rate)

Businesses may borrow between £50,000 and £200,000 which may be provided in tranches

Repayment is over a 3 to 5 years (a capital repayment holiday can be considered)

Security is subject to risk assessment and in most cases will subordinate to the security of any other lenders

Fees:

Arrangement fee 2%

Annual monitoring fee 1%

Legal costs £500 fixed fee

In place of an equity stake a premium ranging between 0.25% and 1% will be levied on turnover allowing owners to retain their current capital stake

Prepayment costs are calculated as a percentage of the sum repaid plus a multiple of the annual turnover levy