Our Business Loan Terms:
| Loan Amount |
Up to £1,000 for business purpose |
| Repayment duration |
Up to 24 months depending on your preference |
| Grace Period |
No payments for first two months of the loan |
| Repayment frequency |
Monthly equal repayments of capital by Direct Debit |
| Fees |
None |
| Interest Rate |
0% |
| Early repayment |
You can repay earlier at any time without penalty |
To apply for a loan from Skylight you must meet the following criteria:
- You are from a refugee background and have permission to work and you will need to upload a copy of your Biometric Card or Passport during the application process
- You have Entry Level English and can complete the application in English
- You have a business support coach that can give you a reference or have set up a meeting with a Tern coach to discuss on-going support if you don’t have a coach currently
💡CHECK OUT THE APPLICATION QUESTIONS BELOW💡
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- List of Application Questions you will be asked when you go to apply for loan (click the black triangle to expand list)
- List of Additional Questions for Loans Over £500 you will be asked if you are eligible (click the black triangle to expand the list)
Or you can download all of the questions asked on the application here!
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To complete the application you must bring the following information:
- Basic information about your total current income and expenses
- Information on other debt you are paying
- The name of the business support coach you have worked with in the past
- Ability to explain in your own words the history and future plans for the business idea how you would use the loan funds generally to support the business. Also your own experience and the reason why you want to start a business.
All applications for over £500 will also be asked for additional detail below
- Three months of bank statements that show your current income (may be personal and/or business accounts)
- Basic information about your expected total future income and expenses from your business
- Detailed list of what service/products you want to purchase with a Skylight loan. Please have links or quotations that show how you know the cost of these items
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🛠 Don’t worry, once you apply if we have a question about your answers or see something missing we will contact you and work it out! You can always set up a meeting with Skylight here
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🚨 Book a support call with Skylight here or write to [email protected]
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