Inverclyde Council offers interest-free loans of up to £5,000 to local businesses, with repayments spread over 3 years. The loan fund aims to encourage the creation and growth of small and medium-sized businesses in the area. Loans can be used for working capital, the purchase of new or used equipment, and the refurbishment or expansion of commercial property.

Applicants must submit:

• a business plan
• a one-year cashflow projection
• evidence of trading status
• the last full year’s accredited accounts and up-to-date management accounts
• 3 quotes for project costs
• proof of business insurance
• an uncensored copy of a bank statement, dated within the past 3 months, that clearly shows the name of the account holder, the account number and sort code
• a credit check through an Experian report

If the business is operating from commercial premises, you must also submit evidence that you or your business own the lease.

You will need to meet with a business adviser from Business Gateway Inverclyde before you receive an application form.

You are eligible if:

• your business is trading from an address in Inverclyde
• your business operates in a sector where there is unlikely to be a significant impact on other local businesses
• you have attended a one-to-one meeting with a business adviser from Business Gateway Inverclyde

This is a free service. Free business advice is also provided.

Businesses that trade in the Inverclyde area.

Your application must be approved and relevant information provided before you can submit a claim for payment - the timescale to approve applications will vary. Once you have submitted your claim for incurred expenses, payment will usually be made within 20 days.

You must apply for and receive a valid loan offer before starting the planned work. Invoices dated before the date of the loan offer are not eligible for support through this fund.

Visit the Inverclyde Council website for more information.