Charity changes rules to make loans easier

A CHARITY which helps people get ahead in business or education has relaxed rules to enable more recipients to benefit.

The Sir Thomas White Loan Charity, based in Friars Mill in Leicester, has adjusted a number of its terms and conditions.

It will now be easier for applicants to obtain one of the organisation’s interest-free business or education loans - in some cases with approvals allowed for selected applicants unable to meet the guarantor requirements in full.

As well as this business loan limits have gone up to £20,000, up from £15,000 and education loans have risen to £10,000, up from the previous maximum of £6,000.

One of the county’s oldest charities, enterprise offers loans to people aged between 18 and 35. Ventures in Hinckley such as the Sewing Cafe and the Stottie Shop have been among those to have received funds to boost their businesses.

As well as upping the level of cash available the charity has introduced a new category of business loans.

Any applicants unable to meet guarantor criteria but who impress with their business plan will be invited to apply for a ‘special loan’. Up to five applicants a year will be considered.

David Howard, chairman of trustees, said: “We understand that the financial landscape is changing for many and we want to ensure that the charitable loans available to help business start-up and development are as accessible as they possibly can be in that changing landscape.

The Sir Thomas White Loan Charity hosts four rounds of quarterly interviews with prospective borrowers each year. Request an application pack by emailing info@ stwcharity.co.uk