Who can apply for the loan?
Any Wandle resident aged 18+ can apply for the loan and our package of support and advice. There are some criteria around arrears and tenancy history but we will work with you to deal with any such issues.
What kind of businesses will you support?
Any, we’re keen to discuss any idea with residents however big or small you think it may be. Talk to us about your ambitions and we’ll see how we can help. Our partners at LSBC will work with you to develop a viable business plan.
What are the loan costs for successful participants?
The interest rate will be set at 6% (6.19% APR) fixed for the lifetime of the loan, and this will help fund the local CDFI to provide the additional support . No set up or arrangement fees will be charged and there are no penalties for early or lump sum repayments.
What protection will the successful applicants receive?
All participating CDFIs currently hold Office of Fair Trading approved Credit Licenses to issue personal loans to individuals under Financial Conduct Authority (FCA) terms. This provides the recipient with the full protection of the FCA. All loans are provided on an unsecured basis which means no security will be taken to support loans. As they are personal loans i.e. a loan to the individual, this means they are personally liable for the debt.
What if I’m struggling to repay the loan?
If you find that you are struggling to repay your loan, LSBC will work with you to see whether a new repayment plan is appropriate and can be adopted. If an acceptable repayment plan is not agreed then the CDFI will work with Start Up Loans to decide the most appropriate course of action. This will be on a case by case basis and may involve the use of third party debt collectors or legal action. Before approving the loan we will work with you to establish the repayment process and to help you understand how the loan will affect your finances and any benefit entitlements you may be in receipt of.
Sounds good, what do I need to do?
If you’re interested in taking advantage of this innovative offer (or any of our other enterprise support opportunities) please contact Rob Sugden one of our Community Investment Officers on 07976 465332 or via his email address RobertS@wandle.com. Rob will talk you through the loan application process, answer any questions you have and arrange for you to meet with a mentor at LSBC.