FAQ's

What services do we provide?

Services Offered by First Enterprise – Enterprise Loans

  1. Business Loans

    • Providing unsecured loans ranging from £500 to £250,000 to support startups and established businesses.
    • Tailored loan products such as:
      • Start Up Loans for new entrepreneurs.
      • Growth Guarantee Scheme (GGS) for SMEs looking to scale.
      • Midlands Engine Investment Fund (MEIF II) loans for regional development.

  2. Loan Application Support

    • Dedicated business advisors assist with completing applications, preparing required documents, and ensuring compliance with criteria.
    • Guidance on creating business plans, cashflow forecasts, and financial statements.

  3. Ongoing Business Support

    • Post-loan assistance, including regular monitoring and advice to ensure business growth and loan repayment success.
    • Access to mentoring and workshops for skill and strategy development.

  4. Flexible Loan Terms

    • Customized repayment plans ranging from 1 to 6 years, with no early repayment fees.

  5. Inclusive Lending

    • Support for startups, SMEs, and businesses unable to secure loans from traditional lenders.
    • Consideration for individuals with less-than-perfect credit history, provided they meet other criteria.

  6. Regional Focus

    • Specializing in supporting businesses in the East Midlands, South East Midlands, and West Midlands.

  7. Networking and Collaboration Opportunities

    • Connecting borrowers with partners, mentors, and industry networks to foster growth and innovation.

  8. Transparent and Ethical Practices

    • Clear communication about interest rates, fees, and terms, ensuring no hidden costs.
    • Loans designed with a commitment to social and economic development in the region.

By combining financial support with expert advice, First Enterprise aims to empower businesses to thrive and contribute to the local economy.

Aimed at small and medium-sized enterprises (SMEs) seeking to start or expand their operations, these unsecured loans range from £25,001 to £150,000.

  • Age: Applicants must be over 18 years old.
  • Business Location: Primarily supporting businesses in the East Midlands, South East Midlands, and West Midlands regions.
  • Credit History: While a perfect credit history is not mandatory, applicants with County Court Judgments (CCJs), bankruptcies, or those entering Individual Voluntary Arrangements (IVAs) may face restrictions.
  • Business Purpose: Loans are intended for legitimate business activities; certain sectors may be excluded.

Applicants are required to provide (as a minimum):

  • Completed Loan Application Form
  • Data Consent Form
  • Business Plan
  • Cashflow Forecasts
  • Full Year End Financial Accounts (3 years, if applicable)
  • Business Bank Statements (Last 6 months)
  • Photographic ID and proof of address for all directors/owners

Every application is different, but successful applicants can expect their loan application and approval process to take an average of 2-4 weeks; with funds being deposited into your bank account within 2-3 days.

Loans from First Enterprise – Enterprise Loans can be used for a wide variety of legitimate business purposes, including:

1. Business Start-Up Costs
  • Purchasing equipment, tools, or machinery.
  • Setting up a business premises.
  • Initial marketing and promotional activities.
2. Business Expansion
  • Scaling operations or opening new locations.
  • Recruiting and training new employees.
  • Launching new products or services.
3. Working Capital
  • Managing cash flow.
  • Purchasing inventory or stock.
  • Covering operational expenses.
4. Equipment Upgrades
  • Replacing or upgrading outdated machinery.
  • Acquiring new technology to improve efficiency.
5. Renovations
  • Refurbishing existing premises.
  • Enhancing infrastructure to support business growth.
6. Professional Development
  • Training for employees or business owners.
  • Attending workshops, seminars, or industry events.
7. Meeting Financial Obligations
  • Consolidating existing business debts (if approved).
  • Bridging short-term funding gaps.
Excluded Purposes
  • Loans cannot be used for personal expenses.
  • Certain industries, such as gambling, pornography, and property development, are excluded.
  • Loans must not be used for purposes considered illegal or unethical.

We evaluate applications based on factors like the viability of your business plan, cashflow forecasts, financial stability, and repayment capability. We also conduct credit checks and review supporting documentation to ensure compliance and transparency.

Yes, startups are welcome to apply. In addition to the standard requirements, we may request personal bank statements and detailed cashflow projections to assess affordability.

The loan term depends on the type of loan and its purpose. First Enterprise – Enterprise Loans offers flexible repayment periods to suit the needs of different businesses:

1. Start Up Loans
  • Loan terms range from 1 to 5 years.
  • Designed to provide manageable repayment schedules for new businesses.
2. Growth Guarantee Scheme (GGS)
  • Loans under this scheme typically have a term of up to 6 years, offering extended flexibility for growth-focused businesses.
3. Midlands Engine Investment Fund (MEIF II) Loans
  • These loans usually have terms ranging from 1 to 6 years, supporting both short-term and medium-term financial needs.
General Guidelines
  • The repayment term is determined based on:
    • The purpose of the loan.
    • The applicant’s repayment capability.
    • Financial projections and affordability analysis.
    • Early repayment is allowed without penalties, enabling businesses to settle loans sooner if finances permit.

Yes, we provide ongoing support, including regular monitoring and advice, to help ensure your business thrives and remains on track with repayments.

If you encounter financial challenges, we encourage you to contact us immediately. Our team can discuss potential solutions, such as restructuring your repayment plan, to help you navigate temporary setbacks.

Details of interest rates and arrangement fees are transparently communicated during the application process.

We ensure compliance with regulatory standards, and our annualised equivalent rate (AER) does not exceed 17%.

We charge a 3.5% Administration Fee which can either be paid upfront or deducted from the loan amount.

 

To get started, download the Loan Application Checklist, gather the required documentation, complete the required forms and either send this all at the same to us by email OR complete the online application on this website. 

Please do not send information to us unless the application is complete, failure to do so will result in rejection of the application.

We are here to assist you every step of the way.

The Midlands Engine Investment Fund II provides smaller loans ranging from £25,001 to £100,000 to support new or growing businesses in the Midlands region.

It aims to fill the funding gap for growth and development projects.

The Growth Guarantee Scheme (GGS), launched in July 2024, is designed to support access to finance for UK small businesses seeking to invest and grow.

It offers term loans ranging from £25,001 to £150,000, with fixed interest rates and no early repayment fees.

We consider each application individually. While missed payments or adverse credit information must be fully explained with satisfactory evidence.

We cannot lend to individuals with a County Court Judgment (CCJ), those who have been declared bankrupt, or those about to enter an Individual Voluntary Arrangement (IVA).

Please use the comments section below and ask us any question you may have. 

We will leave the questions and responses live in order to assist other customers.

 

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