Loan Terms and Conditions

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The loan fund

The objective is to provide "soft" loan assistance to businesses seeking to consolidate or grow within Pembrokeshire, particularly those businesses which are, or have, the opportunity of drawing in resources from outside the area or to provide services not presently available locally; thus consolidating and creating permanent secure employment within the area and contributing to the increase of skill and educational levels within the County.

Details of loan

Interest - No interest is charged.

Administration Fee - 25 up to £10k and £50 over £10k (non refundable) payable upon submission of the application. Further charge of between 25 and 350 payable upon signature of loan agreement (1% of loan amount administration fee).

Term - 2 - 5 years

Size - 2,000 - 35,000 or to a maximum of 35% of the capital required by the identified project - whichever is the lesser.

Repayment - On the first day monthly, by standing order.

Security - Where possible, appropriate security may be sought and/or personal guarantees.

Job Factor - Loans up to 10,000 - A minimum of one job created or two jobs retained Loans greater than 10,000 - A minimum of two jobs created or four jobs retained.

Eligibility

  • Any type of business will be considered
  • The Pembrokeshire Lottery Loan does not act in place of conventional funding, but should be syndicated with other sources and be viewed as " a lender of last resort" where a funding gap exists. No more than a maximum of 35% of the identified project funding (to a maximum of 35,000) can be provided.
  • The Pembrokeshire Lottery Loan cannot be used for refinancing.
  • Any project must demonstrate that support will meet the primary objectives of the Loan Fund and Investing In Pembrokeshire Society Limited. Projects simply competing with another local business in a local market, where there is likely to be no net job creation will not be supported.
  • Any outstanding credit judgements will generally render the project ineligible. All applications will be credit checked.
  • Applicants should be contributing members of the Pembrokeshire Lottery and remain so for the duration of any loan granted.

Application process

Application forms should be completed in full and returned, together with any necessary, required information and a cheque for 25 or £50, to:

Pembrokeshire Lottery,
Suite 16 Cedar Court,
Havens Head Business Park,
Milford Haven,
Pembrokeshire SA73 3LS

  • Upon receipt, the application will be acknowledged, initially screened and credit checked.
  • Further information maybe requested, which should be supplied as promptly as possible.
  • The applicant(s), if successfully screened, will be invited to attend for an interview with the Investment Panel, where the application will be discussed in detail.
  • The Investment Panel is an independent committee who will examine the submission and decide upon the proposed investment. Each application will be ajudged on its individual merits. The decision of the Investment Panel is final.

Offer and Payment

  • Upon agreement and ratification of the offer by two directors of Investing In Pembrokeshire Society Limited and following receipt of necessary confirmations, the loan agreement will be drawn up.
  • No funds will be invested until written confirmations of all other elements of funding are in place or agreed, similarly with any required insurances or charges.
  • The funds will be released upon signature of the loan agreement by way of a cheque payable to the business named in the application.
  • Where job creation is over a protracted timescale, the loan may be phased.

Monitoring

  • Successful applicants must submit annual accounts to Investing In Pembrokeshire Society Limited during the period of the loan.
  • Loan recipients must agree to periodic monitoring arrangements.
  • Dependent upon individual applications, interim accounting, financial and marketing information may be required.

Publicity

  • All loans and defaults may be published in the annual accounts of Investing In Pembrokeshire Society Limited
  • Investing In Pembrokeshire Society Limited also reserve the right to include successful applicants in the use of advertising and marketing for the furtherance of fund raising and public awareness
  • Investing In Pembrokeshire Society Limited will undertake to protect client confidentiality regarding financial and fiscal information received.

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