More small businesses in Stone will be able to benefit from the support of a loan fund over the next three years after its extension was given the go-ahead.
The Staffordshire Business Loan Fund has led to over 1,000 jobs being created or safeguarded since it was set up in 2009. Staffordshire County Council recognised that small companies were finding it difficult to access essential finance from banks and mainstream lenders, despite having sound business cases. It has developed 165 loans with a total value of £4.25 million. In 2013, the fund was extended to cover the whole of the local enterprise partnership area, which includes Stoke-on-Trent. Since its creation, the fund has created or safeguarded 1,079 jobs.
The Staffordshire Business Loan Fund provides loans ranging from £10,000 to £50,000 for viable business based within Staffordshire. Unlike many mainstream lenders, the loan fund team won’t judge an application using impersonal credit scoring methods and it takes the time to understand each business and how they operate.
Staffordshire County Council’s economy leader Mark Winnington said: “The fund has been a resounding success and has achieved exactly what we wanted it to – namely enabling businesses to grow by overcoming access to finance issues. This has helped to boost our economy and create jobs. Small companies are however still facing difficulties in accessing funding despite having strong business cases. That is why we are extending the fund for another three years – continuing to support business growth and create or safeguard jobs in Staffordshire.”
Businesses can apply for loans of up to £50,000 to support growth, diversification and development and should contact the Stoke-on-Trent and Staffordshire Business Helpline for further information on 0300 111 8002. The fund has been part financed by the European Regional Development Fund.
- business
- Mark Winnington
- staffordshire
- Staffordshire Business Loan Fund
- Staffordshire County Council
- Stone
Related Posts:
