South-East SMEs gain alternative funding lifeline » SMEInsider

South-East SMEs gain alternative funding lifeline

Small business owners that have been turned away by large banks can now apply for funding through The Small Business Loan Scheme, a new programme launched by Wealden Council and EDEAL.

SMEs with a workforce of less than 10 people can apply for funding, ranging anywhere between £5,000 and £15,000.

‘‘The Small Business Loan Scheme is aimed at the microbusinesses of Wealden, which account for over 90 per of businesses locally. It is particularly aimed at enterprises who have found it difficult to secure funding from the high street banks,’’ said Councillor Roy Galley, cabinet member for Economic Development.

To apply for the loan, small business owners within the Wealden area need to create a business plan that backs their initial funding proposal. SME bosses will need to include how the funding would grow their business and enable more staff to be hired.

‘‘Better access to finance is an important issue for local businesses and by working with the Eastbourne and District Enterprise Agency (EDEAL) and the Let’s Do Business Group, we are able to provide another avenue for companies to continue to grow,’’ continued Galley.

Small businesses in the area have to wait until July 2nd to apply for funding, as The Small Business Loan Scheme is being launched by the Lord Lieutenant of Sussex, Peter Field, at the East Sussex National Hotel & Golf Resort.

This scheme offers them another chance to secure their expansion and make the most of the opportunities afforded to businesses in this part of the South East,’’ finished the cabinet member.

EDEAL and Wealden district council are also offering free business start-up workshops for anyone thinking about setting up their own business.