Subsidised and Guaranteed Loans

6. UK Steel Enterprise

6.1 Some businesses in particular areas of the UK may be able to obtain loans or equity finance from £15,000 upwards from UK Steel Enterprise (UKSE).

6.2 Your business must create jobs in one of the 22 designated UKSE areas (areas which have been affected by the rationalisation of the steel industry).

• UKSE funds new and established businesses engaged in manufacturing or which provide a manufacturing-related service, such as distribution or maintenance services. Other activities will be considered on their merits, though the scheme does not usually invest in retail, construction or professional services.
• UKSE will consider lending up to £50,000 unsecured.
• The scheme do not normally require personal guarantees.

6.3 A typical loan is repayable over three or four years at a fixed rate of interest.

6.4 To find out which local office you should apply to, call the UKSE head office (0114 273 1612) or visit the website (www.uksteelenterprise.co.uk).