Post by Cllr Simon Tagg on Nov 27, 2009 0:55:08 GMT
Small businesses across Staffordshire can now benefit from a new loan fund set up to help keep them afloat and protect jobs in the local community.
The new Staffordshire Business Support Fund was approved by Staffordshire's Cabinet only last month - and today it officially opened for business.
Staffordshire County Council is investing £500,000 in the new Staffordshire Business Support Fund, which will be matched by a further £500,000 from the European Regional Development Fund, via Advantage West Midlands.
The loan fund is being delivered by the Black Country Reinvestment Society (BCRS), a specialist not-for-profit lender established with the needs of small and medium-sized businesses in mind.
Existing businesses in the county, with up to 50 employees, can now apply to BCRS for loans of £10,000 to £50,000.
Launching the new partnership, Staffordshire County Council's Cabinet member for Economy, Skills and Enterprise, Mike Lawrence, said the need for quick access to finance was essential to the local economy.
"Many well-run businesses have been finding it increasingly difficult to stay afloat through the recession.Quite often customers may fail to pay on time, but suppliers still need to be paid. The ability to keep cashflow running will determine whether the business survives or fails - and if it fails, that means jobs lost within our local communities.
"We said in our manifesto ahead of this year's local elections that we would develop a loan fund to support smaller businesses. We're pleased to be able to work in partnership with BCRS, which has a strong track record in lending to SMEs. We're grateful that the European Regional Development Fund, managed by Advantage West Midlands, has been able to double the amount of funding available. This partnership will pump £1million of public funding directly to supporting local businesses and retaining local jobs at a time of great need.
Paul Kalinauckas, Chief Executive of BCRS, emphasised the simplicity of the application process.
"If a business has a need for working capital, and can show us a viable business plan, then the first thing to do is to get in touch with us.We've made the application process straight forward.Businesses can register their interest using our online fast-track enquiry form. We understand the need for a quick decision, and we're looking forward to helping Staffordshire businesses through the recession and into recovery."
Mike Watts, of the Access to Finance Team at Advantage West Midlands, stressed the partnership approach which underpins the new loan initiative.
"At Advantage West Midlands, our role is to lead the West Midlands region towards greater economic prosperity, and we can only do this by working alongside partners, recognising that a key element is to support businesses that can grow the economy. We see the Staffordshire Business Support Fund as a real example of how excellent results are being achieved by the county council, BCRS and us working together in a way which will make a real difference for businesses and employees across the county."
Businesses interested in applying for loan funding should contact BCRS directly on 0845 313 8410 or complete a fast-track enquiry form, available at www.bcrs.org.uk
The new Staffordshire Business Support Fund was approved by Staffordshire's Cabinet only last month - and today it officially opened for business.
Staffordshire County Council is investing £500,000 in the new Staffordshire Business Support Fund, which will be matched by a further £500,000 from the European Regional Development Fund, via Advantage West Midlands.
The loan fund is being delivered by the Black Country Reinvestment Society (BCRS), a specialist not-for-profit lender established with the needs of small and medium-sized businesses in mind.
Existing businesses in the county, with up to 50 employees, can now apply to BCRS for loans of £10,000 to £50,000.
Launching the new partnership, Staffordshire County Council's Cabinet member for Economy, Skills and Enterprise, Mike Lawrence, said the need for quick access to finance was essential to the local economy.
"Many well-run businesses have been finding it increasingly difficult to stay afloat through the recession.Quite often customers may fail to pay on time, but suppliers still need to be paid. The ability to keep cashflow running will determine whether the business survives or fails - and if it fails, that means jobs lost within our local communities.
"We said in our manifesto ahead of this year's local elections that we would develop a loan fund to support smaller businesses. We're pleased to be able to work in partnership with BCRS, which has a strong track record in lending to SMEs. We're grateful that the European Regional Development Fund, managed by Advantage West Midlands, has been able to double the amount of funding available. This partnership will pump £1million of public funding directly to supporting local businesses and retaining local jobs at a time of great need.
Paul Kalinauckas, Chief Executive of BCRS, emphasised the simplicity of the application process.
"If a business has a need for working capital, and can show us a viable business plan, then the first thing to do is to get in touch with us.We've made the application process straight forward.Businesses can register their interest using our online fast-track enquiry form. We understand the need for a quick decision, and we're looking forward to helping Staffordshire businesses through the recession and into recovery."
Mike Watts, of the Access to Finance Team at Advantage West Midlands, stressed the partnership approach which underpins the new loan initiative.
"At Advantage West Midlands, our role is to lead the West Midlands region towards greater economic prosperity, and we can only do this by working alongside partners, recognising that a key element is to support businesses that can grow the economy. We see the Staffordshire Business Support Fund as a real example of how excellent results are being achieved by the county council, BCRS and us working together in a way which will make a real difference for businesses and employees across the county."
Businesses interested in applying for loan funding should contact BCRS directly on 0845 313 8410 or complete a fast-track enquiry form, available at www.bcrs.org.uk