Eligibility
Donbac loans can be used for most legitimate business purposes including:
- working capital,
- Equipment and machinery
- property purchase, property extensions or alterations.
Donbac loans cannot be used for the following:
- Re-finance of existing debt
- Betting and gaming
- Activities involving politics, religion or pornography
- Any other activity deemed inappropriate by the Board
- Motor vehicle purchases are not usually considered
Repayment terms:
- Loans are usually geared towards a maximum 3 year repayment period.
- A longer term can be considered for loans over £25,000
Interest Rates and fees:
- Enterprise Loans (over £10,000): Interest usually in the region of 14% pa: arrangement & monitoring fees may be payable (1% each) dependent on circumstances. Enterprise Finance Guarantee (EFG) utilised subject to eligibility.
- Microloans £1,000 to £10,000: Interest 14-18% pa dependent on individual circumstances: arrangement and monitoring fees (1% each) may be payable. Typical APR 16.6% (based on a loan at 14% with 2% fees repayable over 36 months).
Application Procedures
Contact Donbac on 01302 341070 or info@donbac.co.uk . Application forms can also be downloaded from this website.
Financial information in the form of P&L and balance sheets (for existing businesses) and forecasts (for both new and existing businesses) will be required to support an application.
A complete summary of the required information is included on the applications.
NB – an adverse personal credit history will not necessarily preclude applicants – however, details of any arrears/defaults/judgments and the circumstances in which they were received should be disclosed. Credit reference searches will be required.
