It means that local small and medium businesses can apply for loans which they might not be able to get from banks and building societies. The potential loans range from £3,000 to a maximum of £25,000 with repayments made over a three year period.
Currently about 86 per cent of East Sussex based firms employ 10 or fewer workers and these would be eligible for the scheme. The project has just kicked off and any businesses requiring this support should register its interest by contacting Sean Dennis at Capitalise Business Support Ltd on 01424 781867 .
As well as the loans, the small businesses can also receive a wide range of dedicated business support including advice on business plans, one or three day start up workshops and training as well as ongoing advice support during the period of the loan.
The cash injection keeps the potential pot of money for the loans topped up without the need for further investment from the County Council.
Councillor Peter Jones, Leader of the County Council and Lead Member for Strategic Management and Economic Development has given the go-ahead for the money to be transferred into the Community Development Finance Initiative from the Rural Regeneration Fund. The sum of £10,000 has already been granted for start up costs.
Commenting, Councillor Jones said:" It will provide a vital service for small businesses who may otherwise not have access to the necessary start up funds or expertise. The aim of the Community Development Initiative is consistent with the County Council’s target to make a key contribution to raising the economic performance of East Sussex, through improved workforce skills and support for new locally based businesses in a way that currently does not exist within the area. They do exist in other parts of the country and have shown some very positive results."
Reference:
04/160/JW
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