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Business loans

There are various sources that can provide finance and loans to existing and established businesses.

Sources of business loans

The Midlands Engine Investment Fund II

This provides over £400 million of investment to boost small and medium-sized enterprises (SMEs) growth in the Midlands and offers commercially-focused finance through local delivery partners.

Finance is available in 4 ways:

  • smaller loans £25,000 to £100,000
  • debt finance from £100,000 to £2 million
  • equity finance funds up to £5 million.

Growth Guarantee Scheme (GGS)

This replaces the Recovery Loan Scheme. GGS was launched in July 2024 and is open to businesses with turnovers less than £45 million. It can provide loans from 3 months to 6 years, up to £2 million. Businesses that previously took out CBILS, BBL or RLS (Coronavirus loans) before 30 June 2024 are not prevented from accessing Growth Guarantee Scheme, but borrowing under these schemes may reduce the maximum amount the borrower is eligible for this scheme. Businesses can use the finance for any legitimate business purpose – including managing cash flow and investment. However, businesses must be able to afford to take out additional debt finance for these purposes.

One Stop Business Finance

One Stop Business Finance provide secured loans for small and medium enterprises, for all types of business funding requirements when the banks can’t help. They are particularly strong with businesses that are in a period of growth or are in the process of turning the business around from adverse effects, whether it’s working capital, bridging, development, or business acquisitions. They will work with businesses helping them to find the right solution as quickly as possible.

The FSE Group

The FSE Group provide funding solutions to support established SMEs with revenue streams of more than £100,000. Minimum £100,000 loans are available; repayment periods are between 1 to 5 years.

First Enterprise – Enterprise loans

First Enterprise offer a range of funding opportunities for businesses with finance between £500 and £250,000 for start-up and existing businesses looking to grow. These funds are all designed to ‘plug gaps’ in High Street lending and are backed by the Government to help businesses and individuals who might not otherwise be able to access business finance. They also provide loans from the Midlands Engine Investment Fund (MEIF) small business loans fund, and are also a delivery partner for Big Society Capital’s Community Investment Enterprise Facility fund, which is aimed at providing finance to businesses in communities which need it most.

Funding Options

Established in 2011 to transform the business finance market. With a panel of over 120 lender partners, Funding Options has helped more than 10,000 businesses get the finance they need, quickly and easily. It is also one of the winners in Nesta’s Open Up Challenge for Open Banking and has been designated by HM Treasury for the bank referral scheme, to help UK SMEs find alternative finance when they're unsuccessful with the major banks.

Page updated: 13 August 2024