The chance for people and communities to grow ideas into small businesses.
Find out how Purple Shoots can help you
We will talk to anyone with a good business idea who does not have enough money to get going. We will not add to your troubles however – if you are in financial difficulties and have a lot of outstanding debts, we will not want to make your situation worse – but a bad credit rating or a past problem will not necessarily mean that we cannot help you.
Our loans are normally between £500 and £3000 – larger amounts may be considered in some circumstances. A follow-on loan can also be considered once the first loan is repaid. The loan is usually repayable over one-three years in monthly amounts with the first payment due one month after you receive the loan money.
We will consider anything that you need to set up a small business or to help a small business move forward – this could be equipment, marketing, stock etc. We will not lend to anything illegal or connected with gambling, pornography, weapons or the occult.
There is a simple form HERE to fill in which you can use to give us your contact details and your business idea – or send us an e-mail, or give us a call on 07726 599 267. We will then arrange to see you and we will help you fill in the form together. If you do not have a business plan or cashflow forecast, we will help you with this when we meet you. We will then do some checks and a little research which may take a few days, but then we will let you know if we can offer you the loan. We will then send you a loan agreement which you will need to sign and return to us once you have read about what you are agreeing to do.
Our loans are usually repayable over 12-36 months, in monthly instalments which are paid by standing order from your bank account. We charge interest at 14.5% per annum which works out as an APR of between 25.19%and 25.91% depending on the amount and how long you borrow it for – the costs and the amounts you pay us will be explained to you clearly when you come to see us. We do not ask for any security or personal guarantees, but when a loan is made to you then you have a legal obligation to pay it back. If you get into difficulties with the repayments, please let us know as soon as possible and we will try to help. If you don’t contact us and don’t pay us, we do refer to a debt collection agency.
If you repay us on time or early and your business is developing, we will be happy to receive an application for a further loan. Follow on loans are charged at a lower per annum interest rate of 12% which is an APR of 22.7%.