At Bristol Pound we are delighted to now be able to offer independent businesses access to free finance through interest free loans thanks to our partnership with Bristol Credit Union. The aim is to provide finance that meets the needs of local business and will help the business to grow, at the same time as increasing the use of £Bs in the economy.
£B ensures that more money circulates locally and supports the development of Bristol owned enterprise. Any of our business members that have been trading for 2 or more years and has a turnover of £25k+ per annum will be eligible to borrow between 1,000 and 15,000 £Bs; loan funds are put forward by the Bristol Credit Union.
Our MD, Diana Finch, said “Taking out a loan is an opportunity to invest in growing your business. Taking out that loan in £Bs does something extra – it helps ensure the money stays in the £B network, creating sales opportunities for other local businesses like yours – and in turn potentially being re-spent with your own business in the future.”
The loans are interest free for the businesses that borrow. The cost of borrowing is covered through a ‘finder’s fee’. This takes the form of a 5% transaction charge levied on all payments from the loan account to the members who benefit from the extra business generated through the loan.
The loan can be spent on anything a small business might need such as marketing, printing, equipment, vehicles, business services and more. There are 100s of local businesses ready and willing to accept £B and we can help loan applicants work out their supply chain for the investment.
Diana explains, “By spending £B you become a part of a strong and supportive business network, in turn helping the local economy to be more resilient and inclusive.”
The business lending will at first operate as a pilot loan scheme. This means a small number of limited scale loans of up to 15,000 £Bs will be offered to qualifying members of £B. It is anticipated with the success of the pilot scheme, business lending will be expanded and open for any of our members to apply.
If you would like your business to be considered for a loan, please email us at [email protected]
More information on business lending can be found here.