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In order to be considered for support your company must fulfil the following
criteria:
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Be based in Yorkshire and Humber
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Be an SME of a certain size |
A business employing less than
50 employees. The business cannot be part of a larger group employing more than 250 employees where the group owns at least a 25% share of the business. |
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Be already established and trading,
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with a turnover of <£2.0m p.a. |
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To have a viable future
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Evidence
of orders, forward revenues, sales prospects and growth is essential
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To employ staff whose jobs are at immediate risk
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Employ at least three and no more than 50 people |
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Not operate in a ineligible or illegal trade |
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To have had credit facilities recently reduced or
withdrawn by their bank |
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Have had an application for working capital recently turned down by a bank
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In addition, Viking Loan Fund will also take the following into consideration when assessing an application:
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A need for, and an agreement to seek and receive co-investment from
business angels
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in the form of equity or loan capital of a similar size to the loan
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The balance sheet of the company, in particular the levels of:
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Debtors
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are they factored, are credit control procedures in place |
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Creditors |
overdue against terms of payment, possible actions |
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Crown Creditors |
PAYE/NIC, Corporation Tax and VAT |
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Bank relationship |
continuation of existing facilities |
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Current leverage |
ability to cover interest and re-payments |
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Current borrowings |
including levels, terms, guarantees, agreements |
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To apply for support please complete
the online application form here |
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Please note:
The Viking Loan Fund will not consider applications from companies
working in the retail, financial services and leisure industries. |
