Loan Overview

Overview

The Restart interest and cost-free loan is targeted at professionals and other skilled refugees. The main objective is to assist clients in becoming self-reliant by utilizing their existing productive capacities. Funds are offered to individuals for the purposes of engaging in productive activities, with the ultimate goal of improving beneficiaries’ economic situation.

  • There is no interest or fees associated with the loan

  • There are no fees of any kind, and clients will not be asked for any upfront payments

  • The loan amount is repayable by the beneficiary and the maximum amount is that of the sum originally borrowed

Eligibility

Applicants must demonstrate the following:

  • They have been granted refugee status

  • They have been in the country for no longer than 7 years (in some special cases this criterion may be relaxed e.g. in cases with a prolonged asylum claim prior to receiving refugee status)

  • They are geographically stable and settled, i.e. have leave to remain in the UK sufficient for the repayment of the loan.   

  • They have permission to, and are able to work

  • They have adequate English language and digital literacy

  • They have professional skills they are able to evidence by documentation, or demonstrate in an interview

  • They have a realistic business or professional development plan which makes repayment of the loan likely

  • They have no access to mainstream finance

  • No loans will be given unless the applicant is and has been working in the UK for at least six months

  • Loans will not normally be made for a business startup where the applicant does not have work experience in the area of business

The loan is to be used for the following purposes:

  • “Tools of a trade” to reassure skilled employment 

  • Expenses relating to professional re-qualification and accreditation

Other Business Loans

Restart no longer supports Business Loans, but Skylight, whose details are below, does. Please note that that organisation has no links, other than the links below, to Restart.

Skylight is a community-led organisation offering interest free business loans to refugees in the UK. They offer up to £2500 in business finance, as well as wraparound business coaching and financial literacy services. Skylight’s loan application can be completed remotely (on a mobile phone) and they ail to provide funding within 2-3 weeks of your application. Visit www.skylightfund.org or contact hello@skylightfund.org if you are interested in accessing any of their products. 

Lending

Restart does not adopt rigid lending criteria, but loans are based on the following considerations and guidelines:

The guideline given for the maximum Loan is £10000.

Loans are structured to be repaid within three years of achieving professional qualification or right to practice, or reassuming self employment

Loans are only granted where Restart has good reason to believe that full repayment, in the future, will be possible. We do not make loans or grants for “social needs” but rather for purposes relating to economic integration of refugees

Lending is focussed on two groups of applicants:

  • Professionals who need to requalify and

  • Individuals who wish to reassume self-employed