Backed by the government through the British Business Bank, NPIF smaller business loans aim to help entrepreneurs, early-stage businesses and more established SMEs access finance.
The NPIF provides loans from £25,000 to £100,000 in partnership with dedicated fund managers across North England. In addition to companies across the north, this funding is often used for small business loans for Manchester companies.
Any start-up, early stage or established business looking to grow but struggling to find funding can get access to NPIF smaller loans.
You can usually access this type of funding if you have previously been declined by traditional lenders, such as banks.
The funding purpose must be for the growth of the business. Refinance is not permitted.
NPIF smaller business loans can help a business start up, expand, fill funding gaps, buy important equipment and assets, or help with projects such as leasing a commercial premise.
This fund has a relatively quick approval process, giving you flexibility to make quick decisions.
With NPIF, you may be asked to provide a personal guarantee to get a loan, which means you will be personally liable for its repayment.
The lender may also wish the business to pledge business assets in support of the borrowing. This is achieved by an instrument known as a debenture. This is a fixed and floating charge over its general assets by the business in favour of the lender.
If you’re considering a Manchester small business loan from the NPIF, get in touch with us today. One of our specialists will be able to advise you on how to get started with tailored advice for your business.
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