ART Business Loans continues to innovate in the local finance it is able to make available.
Now, in partnership with Birmingham City Council, Unity Trust Bank and peer-to-peer lender Thin Cats, ART is offering the new Birmingham Small Business Loan Fund.
If you are a Birmingham-based business or social enterprise looking for finance and unable to access any or all of it from a bank, this is a fund for you.
The new fund will have a total of £3m to lend over the next three years from 2017 to 2020.
The aim of the Fund is to enable local businesses and social enterprises to access the finance they need to survive and thrive, protecting or creating jobs and boosting the local economy in Birmingham in the process.
“ART’s mission is to support enterprise and local jobs,” says Steve Walker, Chief Executive of ART. “Our average loan size is £35,000, a sum which it is particularly challenging for some businesses to access elsewhere, but which can be vital to support cashflow, replace or repair equipment, renovate premises and enable growth.”
Businesses, charities and social enterprises operating in Birmingham can borrow between £10,000 and £100,000 from the new BSBLF via ART. Loans can be used for any legitimate purpose and are available to all market sectors, including retail. Repayment terms are from six months to four years and there is no penalty for early repayment.