How to apply
This section gives you full details of how to apply to BEDF for a loan and the process that follows. Once you've read through the information use the detailed enquiry form to start the ball rolling. If you still have unanswered questions click here to use our general contact form instead
Who can help you apply
Before we can accept your application it needs to be seen and signed off by a qualified business adviser. You can get this help with your business plan and application via Business Link (www.gwebusinesswest.co.uk), an enterprise agency such as BRAVE (www.brave.org.uk) in Bristol, or other business support services or trainers. Applications prepared with the help of an accounting practice will also be accepted. Generally these agencies already have copies of the BEDF application documents – if not we can email a set. The business adviser will help you prepare and fine tune your ideas and business plan before signing off the application
If you want to know more about how this works or If you don’t know who to ask for this business support give us a call - Telephone 0117 9444700. We can give you details of enterprise agencies and business support services in your local area
Your business plan
Applications to BEDF must be accompanied by a full business plan and 12 month cash-flow forecast. Business Links or Enterprise Agencies will normally help you prepare your business plan and cash-flow forecast and will provide you with an application form which they also sign
For business plans prepared by an accounting practice application forms can be obtained from the Fund Manager
The application form
You need to fill in the application form and send it to us with your business plan. We can provide a business plan sample which shows the information we would expect to see included
You will also need to complete:
- An Equalities Monitoring Form to make sure BEDF is reaching all sections of the community
We also ask for:
- Information about any previous or existing businesses that you own/have owned/or have a financial stake in
- Information about how you will take account of environmental issues in your business. We include a checklist to help you when writing the environmental section of your business plan
- If you are a limited company or a formal partnership we require each director or partner to complete a separate application form
Other things we need from you
- If you are applying for an expansion loan, suitable accounts for the previous 12 months trading. We may also ask to see 6 months business bank statements.
Credit and ID checks
- Your signed application form gives us permission to carry out various checks. With the application there is a Credit Check Form for you to complete which gives a full picture of your financial position
- We also use an internet based credit reference agency and check your ID. We will carry out these checks before putting your application to the Loan Panel
- You will need to provide a passport or driving licence and a utility bill (not more than 3 months old) in your name at your current address
- We expect applicants to be on the local electoral register
- Even if you have a poor credit history you may still be able to borrow from BEDF
Making the decision
Once completed, the business plan and application from should be forwarded to the Fund Managers who will review the application and prepare it for submission to a BEDF Loan Panel
When we receive your application one of the Fund Managers checks that it includes all the information our Loan Panel would expect to see to enable them to assess the risk of lending to you. We may come back to you or your business adviser with further questions
We will review the application and prepare it for submission to the Loan Panel which is normally held on the last Wednesday of each month. You will be invited to attend to discuss your proposals with Panel members who will usually take a decision on the day
Sometimes the Loan Panel will set some conditions before agreeing to lend – or there may be delays with your plans and start date before you draw down the loan.
The offer of a loan stays open for 6 months from the date it is agreed
The Fund Managers will release the loan to you when all conditions have been met and you are ready to start trading
Funds are released against ‘pro-forma’ invoices (an advance invoice from your supplier indicating the price of goods/equipment you intend to buy). For major items we pay the supplier direct. We cannot pay for things you bought before the loan was agreed or settle up any other debts or loans.
Making repayments
- You must have a fully operational business bank account before we can release funds to you
- Repayments are set up on a standing order mandate – supplied by BEDF for you to complete - and will be taken monthly from your business bank account on either the 5th or the 20th of each month, whichever is more suitable for you
- Repayments generally start about 6 weeks after the loan is agreed and the first 3 months are interest only payments except for Fast Track loans
- If borrowers fail to make loan repayments without prior agreement or explanation BEDF takes the formal and legal steps necessary to recover the balance owed plus any expenses incurred.
Map of the area covered by BEDF
Application Enquiry Form
Click here to use the detailed enquiry form to start the ball rolling.