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Our
Loan Products-We provide
loans of up to £20,000.00 over a period of
up to 3 years, more in certain circumstances. Our
loans are not soft. We charge commercial interest
rates and in some cases our interest rate may be
more expensive than a mainstream bank.
However, we do not charge excessive interest. The
different types of loans we provide include;
Business growth
- Up to £20,000.00 to
support growth opportunities for existing businesses.
This loan is suitable for businesses that have been
trading for up to three years with a checkable trading
history. We may look for this type of loan to support
the creation of at least 1 full time equivalent
post
in the business.
Welfare
to self employment loans - Where the applicant
is on welfare and receiving benefit such as Job
Seekers Allowance, we will offer a comprehensive
package of self employment training upon completion
of which a loan of up to £10,000.00 will be
advanced subject to a viable business plan.
This loan will mainly benefit those who are setting
up as jobbers, sub-contractors, semi-skilled artisans,
decorators, construction and allied building tradesmen.
From our experience, this is a loan product that
will suit project and area based initiatives such
as New Deal for Communities (NDC) residents.
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Start-up
loans - Up to £20,000.00 depending
on security available and the level of capital being
introduced into the business by the sponsor. A start-up
loan can be provided to a new business that has
not been trading for up to a year.
Re-Start
loan-A Re-start loan
is similar to the welfare to self employment loans.
The only difference is that for a re-start loan,
you must prove that you are returning to the labour
market after a sustained period of absence i.e.
ex offenders, long term unemployed etc.
The requirement for a formal course of training
is the same as for a welfare to self employment
loan.
Download loan
application form
EthnicMutualAppForm.pdf
On completion, your
application form and supporting documents should
be sent to
Ethnic Mutual,
Bilt Mansions 4-16 Deptford Bridge
London SE8 4HH.
Tel: 0208 691 3476 Fax: 0208 6913427
email: loans@ethnicmutual.org.uk |
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