East Midlands Business Loans

Many East Midlands SMEs need funding to continue to grow – here's a list of regional business loans

UK small businesses predict an average turnover increase of 69% by 2020, with medium-sized enterprises expecting a 25% rise. The data from the Santander Corporate & Commercial Business Growth annual survey also showed that SMEs in the East Midlands were the most positive about their future, with a 109% expected increase.

Not only that, but numbers of SMEs in Derbyshire, Nottinghamshire and Leicestershire are set to increase – it’s estimated that they’ll grow by 9% year on year to almost 165,000. The sectors covered by enterprises in places like Chesterfield, Corby, Derby, Grantham, Market Harborough, Northampton, Nottingham and Skegness include business support, transport, the arts, health and financial services.

To make sure businesses in the East Midlands meet these very optimistic predictions, they’re probably going to need help with financing.

Business loans in the East Midlands

One of the quickest types of funding available is a small business loan – they generally require less paperwork and decisions tend to be made a lot quicker compared to business grant applications. Below is a selection of finance providers that focus on lending to SMEs:

Fleximize – This small business lender was set up to help fill the gap left by the banks, which dramatically slashed their lending to SMEs after the financial crisis. Fleximize provides the flexible funding that SMEs need to flourish and grow. You can borrow between £5,000 and £500,000 for lots of different purposes, including cash flow, buying stock or hiring premises. Limited companies and LLPs can apply for short-term business loans, and sole traders could be eligible if they're looking for a loan over £25,000.

First Enterprise – If your business is based in the East Midlands, you could take advantage of loans from £3,000 to £100,000. Startup and growth funding is available for entrepreneurs who can contribute a minimum of 30% of the loan’s value. Fees apply.

MCF Loans – This provider of loans from £2,000 was set up to support businesses that can't access affordable credit from mainstream banks and building societies. Successful applicants repay over a term of 1 to 3 years, and receive business mentoring.

UK Steel Enterprise – Owned by Tata Steel, this organisation helps to regenerate communities impacted by changes in the UK’s steel industry. Loans from £25,000 for startup costs, working capital, equipment purchase, premises, management buy-outs / buy-ins and other purposes are available on repayment terms between 3 to 5 years.

Think BIG (Business Investment for Growth) – If your SME is in Newark & Sherwood, you can apply for loans ranging from £25,000 to £150,000 (although this can vary) from a £2-million fund created by Newark & Sherwood District Council. You’ll need a turnover of less than £150,000 or employ a maximum of 4 people.

Nottingham Social Impact Fund – The Key Fund and Nottingham City Council are offering loans from a £1-million pot of money for social businesses. Loans of around £25,000, repaid over 5 years. If your SME has a social purpose you could be eligible.

Creative Quarter Loan Fund – Startups and growing SMEs already in or relocating to Nottingham’s Creative Quarter have the opportunity to apply for loans between £500 and £25,000.

Funding Circle – Rushcliffe Borough Council and Leicestershire County Council are among local authorities lending to businesses through the peer-to-peer lending platform, Funding Circle. You need a minimum turnover of £50,000, and to be a sole trader, limited company or LLP and have at least 2 years’ accounts.

Derby Enterprise Growth Fund – Loans are available for SMEs in Derby and the Travel to Work area. Growing businesses that are creating new jobs are eligible for the funding, and should be involved in supply chain innovation and enterprise expansion.

Invest to Grow – Delivered by the University of Derby, a £16-million fund supports private businesses across the East Midlands to promote innovation, growth and job creation. This “last resort” scheme is for SMEs, including sole traders and partnerships, which have been rejected by other funding providers.

Whether your SME is in Buxton or Worksop, talk to Fleximize if you need a helping hand making the right lending choice. Call the team on 0207 100 0110.

For more information on different kinds of small business financing, take a look at Fleximize's The Ultimate Guide to Business Funding.

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