Basildon for Business - P2P lending through rebuildingsociety.com
Basildon Borough Council has signed up with rebuildingsociety.com, the local lending company, to help to fund business loans to SMEs in the borough.
rebuildingsociety.com facilitates loans to credit-worthy businesses seeking finance to grow, develop or diversify. Loans are funded by everyday investors as well as Institutions such as Local Authorities, looking for an inflation-beating return on their capital while also supporting local businesses.
Basildon Borough Council has registered as an investor via the rebuildingsociety.com award-winning lending platform. Through this partnership, the council will contribute capital to fund loans for businesses in the borough who are unable to access finance via banks.
What is the process?
rebuildingsociety.com have published a step-by-step guide outlining the application and funding process. Visit their website to find out more.
Loan Process - rebuildingsociety.com
Before applying for a loan it helps to understand the lending criteria.
Criteria for business loan applications
- Borrow £25,000 to £250,000
- Terms of 6-60 months
- Limited companies, LLPs, PLCs, and social enterprises are acceptable
- 2 years of history with 2 sets of accounts filed (Alternatively, see startup business loans)
- Good credit history required (no outstanding CCJs)
- The business must be profitable and VAT registered
- Directors/Partners must be UK residents
- Turnover greater than £150k
- Secured or unsecured loans available
- You will be required to provide the last 3 months' bank statements
Apply online and get a decision within two days of us receiving the required information.
Please be aware that we do not provide personal loans. If you are looking for a personal guarantor loan, please see this comparison site.
All fees are payable upon completion of a loan.