smallbusiness.co.uk: Helping your business think big

Short-term finance

Rory Earley, CEO of Capital for Enterprise, explores the options...
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Q: I am going to start an elecrical franchise through Eleclocal. It will cost £30,000 to set up and I need to raise about £22,000 of this through either loans or grants. I currently live in Northtonshire but I want to set up in the Leeds area.

Jun 17 2008

Okay, you may have done this already but it may be worth looking into a Small Firm Loan Guarantee. It's a government scheme - don't be put off - whereby it guarantees to the lender - a bank, say - covering 75 per cent of the loan amount, for which the borrower pays a 2 per cent premium on the outstanding balance of the loan, payable to the Department for Business Enterprise and Regulatory Reform

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