Enterprise Development Scheme (business loan)
Summary
The Enterprise Development Scheme aims to encourage and support businesses and local enterprises which will be of the long-term benefit to South Norfolk and its residents. The scheme also assists those who may have been excluded from the labour market into self-employment. A low-interest loan of up to £10,000 is available.
How to apply for the Enterprise Development Scheme
- First read the 'Further information' below to see if you are eligible for the loan;
- Download and print the guidance notes and application form (links below - PDF if you want to print the form and fill it out by hand, or Word if you want to save a copy and fill it out on your PC);
- Complete the form, which asks for:
- your details (including contact details);
- details of your business;
- detailed explanation of what you want the loan for and how you expect to achieve your aims, and;
- an indication of the risks involved and how you would prevent them or limit their impact. - Make sure you have the relevant documents - these are listed in the application checklist on the form;
- Sign and date the form, and sign and date the declaration (of the accuracy of the information you've provided);
- Return the application form, business plan and supporting evidence to the Economic Development Officer at the address at the foot of this page (also included on the form).
Downloads
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Download the Enterprise Development Scheme guidance notes [PDF, 235 Kb]
Further information
- Can anyone apply?
- I want to set up a business in South Norfolk. Is it for me?
- How much can I borrow?
- How long do I get to pay it back?
- Where can I get more information?
- How do I apply?
Can anyone apply?
You must have or wish to start a business in South Norfolk. However, funds are limited and assistance will be focused on start-up and smaller existing enterprises. Support through the scheme will be targeted towards enterprises that fit with our objectives for economic development.
This initiative is designed to meet the needs of businesses that are unable to access finance elsewhere. You should investigate whether other private and public bodies could provide assistance first. Business Link East [external link] can help with this.
I want to set up a business in South Norfolk. Is it for me?
All applicants are considered and assessed on their own merits.
How much can I borrow?
Anything up to £10,000.
How long do I get to pay it back?
The minimum period is one year and the maximum is two years, but we try to be as flexible as possible to meet your needs. There is an optional three-month payment holiday at the start of the loan.
Where can I get more information?
Contact our Regeneration Team on 01508 533666 or email prosper@s-norfolk.gov.uk.
How do I apply?
You will need to complete an application form and supply a business plan and supporting evidence (quotes, bank letters etc), see 'To apply for the Enterprise Development Scheme...' above.
If you need help in the preparation of a business plan, advice on this can be obtained from Business Link East [external link] (08457 171615).
There are no specific conditions as to what the money can be used for but you must clearly show how our assistance will improve the performance and sustainability of your enterprise.
We would expect you to work with an independent business advisor during the application process.
Related pages on this website
External links
Business Link East
This site gives information for people who are considering starting up a business, as well as those who are already trading e.g. how to find and manage money for a business, international trade and taxes, returns & payrolls.
Department of Trade and Industry
The business sector provides information and guidance to help people and companies become more productive. It divides the information into various business sections.
The Princes Trust
The Trust helps unemployed young people (18-30 year olds) with grants for training and work, gives support to long-term unemployed including those who wish to start their own businesses.
Norfolk and Waveney Enterprise Services (NWES)
The NWES is a registered enterprise agency working in partnership with both the public and private sector to provide business support. It provides a variety of information including business training, information for start-ups and the Advance Loan Scheme.
Shell LiveWIRE
This website gives a variety of information on advice and support available to young people who are thinking of starting up their own business e.g. unlock your own potential, be your own boss and financial planner.
Small Firms Loan Guarantee Scheme, Business Link (SFLG)
A guarantee from government helping small firms lacking security to access loans from banks and other lenders. Loans are available for periods of between two and ten years on sums from £5,000 to £100,000 (£250,000 if your business has been trading for more than two years). SFLG guarantees 75% of the loan.
Women’s Employment Enterprise Training Unit (WEETU)
WEETU offer advice, training and support to develop employment and enterprise opportunities for women.
Norwich Enterprise Agency Trust (NEAT)
Whether you are thinking of starting a business or have been trading for less than three years this site will help you and your business.
Contact us
| contact officer/team: | Assistant Economic Development Officer |
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| web: | online enquiry form |
| email: | prosper@s-norfolk.gov.uk |
| telephone: | 01508 533666 |
| minicom/textphone: | 01508 533622 |
| address: | South Norfolk Council South Norfolk House Swan Lane Long Stratton Norwich NR15 2XE |
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If you need information in large print, audio cassette, braille, translation (written or verbal) or signed interpretation, let us know when you contact us.
