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Subsidised and Guaranteed Loans
3. Applying
3.1 Some schemes are operated by banks and other commercial lenders.
- Apply for these schemes as you would apply for a conventional loan.The lender decides whether your proposal should be taken any further.
3.2 Local schemes (see 4) usually involve simple application procedures.
- You may have to wait until the next meeting of the committee that allocates the loan fund. Many committees meet every month or each quarter to assess applications.
3.3 Regional schemes may have more complicated application procedures.
- The lender may ask you to submit a simple Stage 1 application so that your chances can be evaluated.
- You can then decide whether or not to proceed with a full Stage 2 application.
Career Development Loans
Sole traders who want to learn new skills may find a Professional and Career Development Loan more appropriate.
These are similar to normal personal loans and are used to finance vocational learning or educational courses. For example, NVQs.
You can get a loan of between £300 and £10,000 to cover up to 80 per cent of your course fees (100 per cent if you have been out of work for three or more months). The Government will pay the interest on your loan during the course. You then repay the loan to the lender over an agreed period at a fixed rate of interest.
Loans are available through Barclays and the Co-operative Bank. Call next step on 0800 100 900 or visit the Directgov website (www.direct.gov.uk/pcdl).
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