New Enterprise Allowance Loans
Get a loan of up to £1000 for your start-up business, through the New Enterprise Allowance (NEA) scheme.
The loan is available to Jobseekers Allowance (JSA) claimants who have started a business through the New Enterprise Allowance pre-trading mentoring scheme.
Eligibility details
To access this funding you should:
Have completed the New Enterprise Allowance pre-trading mentoring scheme;
Be based in London, Bedfordshire, Hertfordshire, Essex, Kent, Scotland or Wales; and
Have an NEA approved business plan, including a cash flow forecast and a personal survival budget.
Loan details
Up to £1000 is available to fund:
Marketing;
Purchasing equipment; or
Vehicles, if this is an integral part of your business.
The loan cannot fund:
Vehicles (unless they are an integral part of your business);
Trips abroad (including conferences);
Some forms of training (unless this is considered operationally necessary);
Research or product development;
Training or studying costs, although some forms of training that are legally required for a business to operate, such as health and safety training, may be eligible;
The repayment of existing debt;
Political activity;
Any activity which may bring the fund into disrepute.
Repayment
The key features of the loan
Amount Available : up to £1000. The minimum amount you may borrow is £300.
Term : the loan may be repaid over 3 years.
Interest rate : The loan's interest rate is 9% and no more than 10% APR (annual percentage rate).
Fees: There are no fees payable for this loan at any time.
Early Settlement : the loan can be repaid in full, or in part, at any time during the repayment period.
Repayments : the loan features interest only payments in year 1, and Capital and Interest payment in years 2 and 3.
http://www.gle.co.uk/finance/neals-loans.phpI'd say pissing the loan away in the pub and boasting about it on forums brings the fund into disrepute.
.................... so in his case..... never!!
