Supporting Businesses in Essex

How much will my business be able to apply for?
The maximum facility for loans and overdrafts is £100,000.

Are all businesses eligible under this scheme?
The following eligibility criteria set out the requirements for accessing business loans through the Banking on Essex initiative:

• Are you an Essex-based business?*
• Have you been trading for more than 12 months?
• Do you employ fewer than 250 people?
• Is your turnover less than £25 million?

*This scheme is for customers in the local government defined County area only. This excludes the unitary authorities of Thurrock and Southend. This means that you pay your business rates to one of the following 12 local authorities - Basildon, Braintree, Brentwood, Castle Point, Chelmsford, Colchester, Epping Forest, Harlow, Maldon, Rochford, Tendring or Uttlesford.

What lending products are available under this scheme?
Secured and unsecured loans are available through Banking on Essex, with the following terms:

• Term of up to 5 years
• Loan size up to £100,000
• Fees and interest rates on request

Banking on Essex is also able to provide secured or unsecured overdraft facilities, up to £100,000.

Regulated mortgages and secured loans of £25,000 or less are not available to sole traders or partnerships. Please speak to us on 0800 0561998 for further information or clarification.

Who are the Banking on Essex loans provided by?
Banking on Essex loans and overdrafts are provided by Alliance & Leicester plc, part of the Santander Group in association with Essex County Council.

Will the initiative put tax payers' money at risk?
The County Council is using all additional income earned to cover potential losses and protect tax payers' funds.

I need a grant; can I apply to Banking on Essex?
Banking on Essex provides credit on a commercial basis, it does not provide grants. For further information on grants and other funding opportunities that may be applicable to your business, please contact Business Link or call 08457 171615.

I am starting a new business; can I get a start-up loan?
Banking on Essex does not provide start-up loans. For further advice on what start-up finance is available for your business, please contact Business Link or call 08457 171615.

I need advice about running my business, can Banking on Essex help?
For a range of advice and guidance for you and your business, please visit www.essexbusinesssupport.com.