Recession-Hit Firms In Wigan Offered Loan Support

Fri, 06 Nov 2009

Wigan small businesses are being offered £1 million worth of financial support to help them survive the current economic climate.

Struggling firms in the city can now apply for loans and grants of between £500 and £1,000 to help boost their balance sheet.

The finance is part of a new scheme set up by the Wigan Metropolitan Borough Council and the Wigan Borough Partnership, and funded through the Working Neighbourhoods' Fund.

Companies that take up the offer will be asked to support training and return to work initiatives such as the council's apprenticeship scheme .

More information on the business finance scheme is available from the council's Business Start-up Service by emailing a.finance@wigan.gov.uk or by calling 01942 705655.

Last month, the Bank of England revealed that lending to UK businesses was cut by over £15 billion in July.

The Bank’s trends in lending survey revealed that net lending to companies by Britain’s major banks fell by £15.5 billion in July, the biggest monthly fall on record for that month.
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