Frequently Asked Questions about the Start Up Loan through Enterprise NI
How are the ENI Business loans repaid?
Repayment is by monthly direct debit from your business bank account and will commence in the month following the disbursement of the loan. We will collect direct debits on, or around the 17th day of each calendar month.
All repayments include a capital and interest element so you begin reducing your outstanding loan capital from the very first repayment.
We can accept ad-hoc repayments (in addition to the scheduled direct debits) at any time and without any additional charge to you. This allows you the flexibility to settle your loan at any time without any early redemption penalties.
If you fail to maintain monthly repayments without any prior agreement or explanation, we will be forced to take formal and legal steps necessary to recover the balance owed plus any expenses incurred in doing so. The loan fund would be depleted very quickly and we would not be able to provide support to other businesses if we did not take this action.
What Can the Start Up Loan through ENI Be Used for?
Loans that we offer can be used to help start your business by:
- Securing business premises and any refurbishment that may be needed
- Helping in the purchase of capital items such as machinery, equipment & tools
- Helping in the purchase of stock and raw materials
- Helping in the payment of marketing, advertising and promotion costs
- Helping in the payment towards other activities and items essential for business start-up
One of the conditions of the start up loan through ENI is that copies of invoices and receipts for all items of expenditure made from the loan funds must be forwarded to us.
Poor credit history including County Court Judgements will have an impact on the loan decision, but will not necessarily prevent a loan from being granted to a start up business. However, during the process of assessing your application, we will analyse the probability and likelihood of the loan being repaid and decisions will be made accordingly.
ENI has a Complaints Policy that is available upon request.
Please contact Cara Dallat at ENI on 028 7776 3555 or email firstname.lastname@example.org should you wish to view the policy or make a complaint.
Get in Touch
Starting a business and need finance? Then a Start Up Loan through ENI could be ideal for you. We can help get your business off the ground and growing fast.
Call us now on 028 7776 3555 to find out more.
Or contact us online to request an application form.