Businesses in east London can apply for up to £10,000 in special funding.
The London Legacy Loan Fund provides loans to entrepreneurs based in a number of London boroughs, and is administered by the East London Small Business Centre (ELSBC). It is intended for new firms and firms that have been in existence for less than 3 years, and that have otherwise struggled to secure the funding necessary to grow.
Can I apply for funding?
The Fund is available as a ‘lender of last resort’ to businesses based in Tower Hamlets or Newham. Businesses in the following boroughs may also be eligible, depending on postcode: Barking and Dagenham, Bexley, Brent, Ealing, Enfield, Greenwich, Hackney, Hammersmith and Fulham, Haringey, Havering, and Waltham Forest.
In order to be eligible your business must be new, or have been trading for less than three years. In addition, you must have been unsuccessful in applying for funding from a bank. Your business must employ less than ten people and, if it is already trading, must have a balance sheet or turnover of £1.6 million or less.
London Legacy Loan Fund finance is disbursed on the strength of a business plan. Without a comprehensive, viable business plan you will not be able to apply. If you do not already have this, a mentor at the East London Small Business Centre will be able to help you put one together. Indeed the ELSBC offers a range of practical support, including intensive four-day training courses to help you build your business skills.
When is the deadline for applications?
The Fund was the first of the legacy schemes, and was launched in May 2012. It is still accepting applications, and will continue to do so until December 2013. It is expected that the Fund will have financed around 65 businesses by this time.
How do I apply?
If you are confident that your business might be eligible for the Fund, you can get more information on the application process by calling the ELSBC on 020 7377 8821.