Frequently Asked Questions

What if I have a bad credit history?

You can still apply. The board will ask for a credit report but it is the business plan, idea and economic impact that are considered key.


If I get turned down when can I re-apply?

6 months after the date that your application was declined.


How often does the board meet to discuss loan applications?

The board meets roughly every 2 months depending on level of applications and Directors availability.


Who can apply for the loan?

Any business (existing and start-up) who are located within the county of East Lothian.


Are there any restrictions on what the loan can be used for?

The loan can be for any purpose, except the repayment of debt.


What are the key criteria looking for by the board in an application?

The board will consider firstly the economic impact the company will make to the county, for example: job creation. Then the viability of the business and whether the applicant can afford to service the loan repayments.


If I am successful with my application when can I expect to receive the fund?

The loan is paid to you on receipt of the signed contract, any caveats that are required to be met and the payment of the arrangement fee of 5%.  Some loans have been paid within 3 days of award.


How are the loans repaid?

The loans are repaid by direct debit taken on the 1st of each month over a period agreed by the board of directors.

For further information or clarification please refer to the guidance notes or any specific queries can be e-mailed to: