Business Finance Boost For Staffordshire SMEs

Fri, 27 Nov 2009

A new £1m loan fund has been made available to small and medium-sized businesses (SMEs) in Staffordshire.

Companies with up to 50 employees can now apply for business loans of between £10,000 and £50,000 to help them stay afloat and protect local jobs during the current economic climate.

The Staffordshire Business Support Fund consists of £500,000 of investment from the Staffordshire County Council, with a further £500,000 coming from the European Regional Development Fund, through Advantage West Midlands.

The cash is being offered by the Black Country Reinvestment Society (BCRS), a specialist non-profit lender established with the needs of small and medium-sized businesses in mind.

Mike Lawrence, Staffordshire County Council’s Cabinet member for Economy, Skills and Enterprise, 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," he commented.

"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.

He added: "We’re pleased to be able to work in partnership with BCRS, which has a strong track record in lending to SMEs."

"This partnership will pump £1million of public funding directly to supporting local businesses and retaining local jobs at a time of great need."

BCRS chief executive, Paul Kalinauckas said: "We are looking forward to helping Staffordshire businesses through the recession and into recovery."
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