Loans Offered To East England Businesses

Fri, 21 Aug 2009

Entrepreneurs in east England are being offered loans of up to £50,000 to help get their business ideas up and running.

The East of England Development Agency (EEDA) Small loans for business scheme provides loans ranging from £500 to £50,000 to start-ups, small to medium-sized businesses (SMEs) and social enterprises based in the East of England.

The aim of the loans programme is to offer financial support to small companies who have been refused credit, and to encourage and make it easier for more people to start up their own companies.

The EEDA also offers a Regional Transition Loan of between £100,000 and £150,000 to established businesses that are in need of short term funding, and a Regional Growth Loan of £50,000 - £200,000, which is available to new and existing business with the potential for long term growth.

Richard Ellis, chairman of the EEDA, said: "Business owners often think that they have nowhere to turn if they are refused finance from the banks, but that’s not true."

"Here at EEDA, we are offering loans with flexible repayment terms to businesses with viable business plans – businesses which may just be seen as too risky for banks to support in the current climate."

The agency is also helping SMEs in the east of England identify the right type of finance for their business and maximise their chances of obtaining funding through its Understanding Finance for Business programme.

For more information on the EEDA’s business finance schemes, visit bizmapeast.co.uk/finance .
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