Success Doncaster Loan Fund
Who is the Fund for?
- Individuals in the Doncaster Borough either looking to start a business or already trading.
- Applications may be from sole traders, partnerships or limited companies, although all loans will be taken in the names of the individuals and regulated under the terms of the Consumer Credit Act.
- Applicants must be at least 18 years of age, be located (or intending to locate) within the Borough of Doncaster, and remain in the Borough until the loan is repaid.
What can the Loan be used for?
- The loan can be used to provide working capital or to purchase equipment.
- The business activity must be legal, but most activities are eligible. Excluded activities include:
- Betting and Gaming.
- Activities involving politics, religion or pornography.
- Any other activity deemed inappropriate by Success Doncaster.
- The fund cannot be used to re-finance existing loans.
How much can be borrowed?
- There are two loan types available:
- Starter/Micro Loan - maximum £2,000 for start-ups and businesses trading less than 6 months.
- Maxi Loan - maximum £5,000 for business trading 6 months+.
How much will it cost?
- Interest at a fixed rate of 10% per annum.
- No fees.
- No security.
How to apply?
- Direct to Donbac (the Loan Fund managing agency): 01302 341070 www.donbac.co.uk
- Success Doncaster Helpline - Doncaster MBC: 01302 734554 www.successdoncaster.co.uk
Applicants will be able to access support from other strands of the Success Doncaster programme: Finance Friends can provide specific assistance in the completion of a loan application and collating the relevant supporting documentation.
