Staffordshire Business Support Fund
STAFFORDSHIRE County Council is backing plans to provide £1million of loans for small businesses with good ideas but a lack of funds.
The council says it is determined to support businesses and jobs through the recession, with the aim of keeping Staffordshire in poll position to succeed as the economy gets back on track.
The new fund will invest in future jobs and entrepreneurial energy, creating a feedback loop of positive impacts for Staffordshire’s economy.
The council is linking up with the Black Country Reinvestment Society (BCRS) to create the Staffordshire Business Support Fund.
Staffordshire County Council will provide £500,000 of funding which will be matched by European Regional Development Fund money provided by Advantage West Midlands.
From November BCRS will be able to provide loans to small businesses of £10,000 to £50,000 which will be repayable over a four year period.
Companies will have to be based in Staffordshire, employ fewer than 50, and have been turned down by the conventional banks.
For more details see www.bcrs.org.uk
