MSIF Small Firms Fund - FAQs
Questions and Answers relating to MSIF Small Firms Fund Applicants only
1. Do you provide grants?
No, we do not provide grants - the MSIF Small Firms Fund provides loans only.
2. How long will it take before I have a decision?
This does depend on the complexity of your business plan - and on whether all the information required is provided accurately. However, as a guide, we aim to respond within 21 working days.
3. Can you help me with my business plan?
We can't help here. We have to appraise your plan, so it would not be appropriate for us to prepare it. We can however point you in the right direction and will recommend, for instance, that you approach your local Business Link or an adviser.
4. Do I have to create jobs?
When applying for a loan from the MSIF Small Firms Fund we do need to see evidence that our investment in the business will result in the creation or protection of jobs.
5. How does the interest rebate work?
MSIF Small Firms Fund investees will be eligible for an interest rebate if they take out a loan of more than £15k. To qualify for a rebate, they must demonstrate they have achieved the planned job creation - or have at least made every effort to create jobs as stated in their applications; and have kept up to date with loan repayments. You must also have shown that you have provided us with regular financial updates. Subject to all conditions being met, the interest rebate is accrued annually each year and will be paid at the end of the loan.
6. What is the maximum term of the loan?
The longest period allowed for repaying a loan is five years. It is possible to repay it earlier - but there is no bonus for early repayment.
7. Will MSIF provide all the money I need?
No, that is not possible as the rules require that the MSIF Small Firms Fund provides no more than 50 per cent of a company's funding requirements. The remainder can come from a variety of sources - such as banks for an overdraft or loan; any grants available; commercial mortgage; asset finance. If you don’t already have match funds we can help point you in the direction of organisations who may be able to help.
8. What are the main eligibilty criteria?
You must be either a sole trader, partnership or limited company. You must be based in, or relocating to the Objective One area of Merseyside.
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