History
Samuel Wilson was a Quaker who lived in Hatton Garden in the
18th Century and made a fortune as a wine merchant. He died a
widower with no surviving children. In his will he left the sum of
£20,000 which formed the basis of the Trust set up in 1771. The
will specified that the Trustees should include the Lord Mayor, the
First and Second Aldermen, the Recorder and Chamberlain of the
City.
The Trust is a registered charity. Since 1868 the its
administration has been governed by a Scheme of the Charity
Commissioners which has been amended from time to time. The maximum
loan permitted is £40,000 and the repayment term can now
be up to 10 years, although the full term is rarely permitted. The
Trustees include six Senior Aldermen, four Aldermen not having
held the office of Lord Mayor, The Recorder of London and the
Chamberlain of London.
Who can apply?
The will states that the borrower must be able to give
satisfactory security for the repayment of money loaned, that
interest should be 1% per annum for the first year and 2% per annum
thereafter, and that a borrower must NOT be an Alehouse Keeper or
Distiller or Vendor of Distilled Liquors.
Applicants be aged 39 or under and must have set up, or be about
to set up in some trade, manufacture, business or profession in the
area of Greater London or the Counties of Buckinghamshire, Essex,
Kent, Hertfordshire, Surrey, East Sussex or West Sussex.
Loans may only be made to individuals and may NOT be advanced
to, or for the use of, Limited Companies or Public Limited
Companies. The Trust will not normally advance money to repay other
loans; a loan from the Trust may NOT be used in conjunction with
any hire-purchase agreement. The Trust will lend for start-up costs
and working expenses of a business but will NOT lend for purchase
or rent of a property nor for personal living expenses.
If trading has already started a set of accounts for at least
the latest year is required to demonstrate that the business is
running successfully. Whether or not the business has started, a
business plan is required, showing how any loan which the Trust
might make would affect the income of the business (this is not
required in the case of Licensed Taxi Drivers).
Applicants will be required to attend a meeting of the Trustees
to present their case. The Trustees only meet approximately four
times each year so there is always a period between the original
inquiry, the presentation to a meeting and the receipt of a loan.
This period may easily extend to six months or more.
Repayment
Repayment is required by monthly instalments by Standing Order.
It is usually by equal amounts over the period of the loan but, if
appropriate, the Trustees may allow differing amounts to assist
borrowers. Interest is calculated on the reducing balance at each
repayment and is charged at half-yearly intervals.
Security
The applicant must provide the names and addresses of one, two
or three people who will "Jointly and Severally" guarantee
repayment of the loan. "Jointly and Severally" means that each
guarantor will repay all debt, including due interest, if the
borrower defaults and the other guarantors are unable to pay their
share. These guarantors, referred to as "Sureties", may NOT limit
their liability and must be able to provide a suitable reference to
demonstrate that they have sufficient means to be able to repay if
called upon.
Further information
There is a telephone answering system in use when the office is
unattended. Tel 020 7332 1302.
Alternatively, write to The Clerk, Samuel Wilson's Loan Trust,
PO Box 270, Guildhall, London EC2P 2EJ or call at Room WM4,
Mezzanine Floor, West Wing, Guildhall.