Financial support

"Think BIG! and Pathfinder Loans"

Has your company been struggling to raise working capital from the banks to finance growth of the business? Think BIG (Business Investment for Growth) might be able to help.

Think BIG and Pathfinder provides loans to existing, start up or early trading businesses that don’t meet the banks’ lending criteria but are able to demonstrate that they have a viable proposition for growth.

Who can apply?

Pathfinder: Available to those who have a viable business plan with 2-3 years financial projections. Will employ at least 2 people and based in Newark and Sherwood.

Think BIG: Available to existing small and medium-sized businesses in Newark & Sherwood with the ambition and potential to grow. As a guideline, we do not expect to provide loans to businesses with turnover of less than £150,000 or with fewer than 5 employees.

Loans will not be made to businesses involved in money-lending, gambling, pornography or religion. It is also unlikely that we will be able to provide loans for the development or purchase of property, or for vehicle purchase.

What size of loans are available?

Pathfinder: As a guideline loans are likely to range from £5,000 to £25,000 (typically £5,000 to £10,000)

Think BIG: As a guideline, loans are likely to range from £25,000 to £150,000.

Under what terms are loans available?

Repayments are made monthly, over a period ranging from 6 months to 3 years.

The interest rate charged will reflect the risk profile of the business, but will be around the commercial rate charged by the high street banks. There will also be a small arrangement and monitoring fee. Security may be required, depending on the risk profile of the business.

How do I apply?

We want to make it as easy as possible for businesses to put forward their case for a loan, so we are asking you a few simple questions to start the ball rolling

Online form

Think BIG - Expression of Interest Online Form

Download form

Think BIG - Expression of Interest Form [52kb]

Please complete the form and return to us at the address shown on this page.

If you would prefer to speak to someone first, you can contact Veronica Dennant on 01636 655260.
We will speak to you within 3 working days of expressing your interest.

What will you need from me?

Once you have registered your interest, we will contact you to talk through your proposition. To assess its viability we will need to see your business case and your balance sheet and profit & loss accounts for the last 2 years, as well as up-to-date management accounts and financial projects for the next 2-3 years.

How do the repayments work?

Repayments will be made by direct debit from your business bank account. The first payment will be due one month after the loan is drawn. There is no penalty for early repayment of the loan.

Who is funding BIG?

The £2million fund has been created by Newark & Sherwood District Council, to encourage business growth within the district and create new jobs. The fund is being managed by a team of professional risk finance specialists on the Council’s behalf.

The loan fund is part of wider plan to stimulate economic growth in all business sectors and in particular those where there is existing strength and future potential, including engineering, information & communications technologies, logistics, food processing, and low carbon technologies.

Grant in Enterprise

As an existing business you could access up to £2,500 of funding to help your business. NBV have directly supported local businesses to access over £2m in grant funding over the past 3 years and they are now offering businesses in Newark and Sherwood the Grant for Enterprise.

Eligible businesses can claim up to £2,500 for specific projects or investments. In order to be eligible you must:

For more information on the grants available visit the NBV Grant in Enterprise website.

Invest to Grow Fund

The “Invest to Grow “ fund is operated through the University of Derby. The fund focuses on growth, innovation and the creation of sustainable jobs. The types of projects which would attract funding are:

There are many ways businesses can use the funding, here are a few examples but the list is not exhaustive:

If you are an SME, Sole Trader or Partnership and can demonstrate that you have tried to access funds from elsewhere and have been unable to do so and that your project will result in the creation of jobs that can be sustained for at least 3 years you can apply.

University of Derby - Access to funding

Other sources of funding and business support available at local and national levels includes:   

Contact Us

Invest Newark & Sherwood
Castle House
Great North Road
NG24 1BY

01636 655260/01636 655277