The BP BUSINESS LOAN FUND
We invite you to
boost your business with a Loan from the BP Business Loan Fund—an
unsecured advance designed to help you take a new or existing
business forward.
Whether you have
a promising business idea or a small business that is already
trading, you could probably use some extra funding. The BP Business
Loan Fund offers unsecured loans as part of its commitment to
helping business in the Falkirk area.
The Fund is
administered by Falkirk Enterprise Action Trust (FEAT), acknowledged
experts in this field with a wealth of experience of offering sound
business advice to the local business community..
In addition to
the funding provided by BP, the BP Business Loan Fund is actively
supported by Falkirk Council and Scottish Enterprise Forth Valley ie.
the partners in My Future’s in Falkirk..
“By working
together effectively, we can create a positive climate that will
bring sustainable business and social benefits to the entire Falkirk
area.”
"Dave Mitchell,
BP Representative on My Future's in Falkirk Steering Group"
Am I eligible
for a loan?
If you have plans
to start a new business in the Falkirk Council area, or your
business is already trading here, you can apply for a loan. You must
be able to show a clear business requirement for the loan and
demonstrate that your business has the ability to grow and create
additional employment without directly threatening an existing
local business.
How much can I
apply for?
Loans may be
awarded to a maximum of £10,000.
What will it
cost?
There are no fees
and interest rates will be low. Payments are fixed for the duration
of the loan and are paid monthly in arrears.
What security
is required?
Loans are
unsecured however where the borrower is a Limited Company personal
guarantees are required from the directors.
What is the
term of the loan?
Loans are for
three years but may be repaid sooner.
I think I am
eligible—what do I do next?
Simply call
01324-665500 to make an appointment with the BP Business Loan
Advisor, who will discuss your business with you and the reasons for
the loan. If you are considered eligible, you will be asked to
complete an application form. He will help you to complete the form
and let you know what additional supporting information will be
required.
Then what?
An award panel
will review your application and may request a meeting to discuss
your proposal further. If your application is successful, you will
be issued with a loan offer. Once you have signed and returned the
paperwork, you will receive your loan award by payment into your
business bank account.
How long will
it take to process my application?
The loan transfer
will normally take place two to three weeks after receipt of the
signed offer acceptance.
What if my
application is rejected?
Because FEAT is
committed to providing business support, your BP Business Loan
Advisor will explain fully the reasons why your application has been
unsuccessful and provide constructive advice for the benefit of your
future business plans.
What happens
after I receive the funds?
As part of the
after-care programme, you will have the opportunity of regular
meetings with your business advisor throughout the duration of the
loan. This will help you review your business performance and be a
source of valuable business advice.
To apply for a loan contact:
BP Business Loan Fund
Falkirk Enterprise Action Trust,
Newhouse Business Park,
Newhouse Road,
Grangemouth,
FK3 8LL
Phone: 01324-665500
Fax: 01324-474418
Email: info@feat.org.uk
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