The fund offers a combination of different type of support, depending on the needs of your enterprise. If successful, the Forward Enterprise Fund will work with you to design a tailored mix of support to help grow their business. Our support includes loans.
The Fund provides access to unsecured loans between £25,000 to £150,000 – with up to 15% grant and with up to a five-year term. The typical interest rate on the repayable part is 7.5%. An unsecured loan means that you do not need a business or personal asset to secure the loan against, which you would need to have if you were applying for a traditional bank loan.
Arrangement fees of 1.5% will be charged, this will be discussed with you during the development of your application.
The loans should be used to expand your business operations in a way that would lead to more employment opportunities for ex-offenders and/or people in recovery. Organisations applying for loans will have typically been in operation for at least three years, with an established customer base
Loan application process
Applicants invited to apply for a loan will have to fill in a loan application form. Alongside the Application Form we will also require:
- Business proposal
- Budget & Cash flow forecast for the period of the investment
- Impact framework/plan
- Supporting financial documents (management accounts, financial accounts)
- Evidence that your organisation complies with the social mission and ethos of the Fund
If your enterprise needs business support, the Fund can offer up to 10 days of business advice delivered by one of the Forward Enterprise Fund's selected providers in order to help you launch or grow your business or project and become investment ready.
If your enterprise is at an early stage, you could, for example, use the advice to decide the right pricing structure for your product or service, the promotional campaigns to drive business and other support to help you increase revenue.