The Royal Borough of Kensington has brought together Kensington-based Your Credit Union and Portobello Business Centre to deliver financial support to local start ups, with £100k of loan guarantees available.
According to the council, newly trading, small and micro businesses will be able to access loans to help them become more sustainable, with loans of up to £10,000 available.
The Royal Borough’s Cabinet Member for Regeneration, Cllr Rock Feilding-Mellen, said: “The council offers a range of business support to help local enterprises. This ranges from guaranteeing small loans and helping residents become self-employed, to helping more established businesses to expand.”
‘Access to credit can be challenging’
Chairman of Your Credit Union Jonathon Read said: “Small businesses find it very hard to borrow and quite modest amounts can make the difference between someone taking the leap or never acting.
“Access to credit can be very challenging for small businesses despite being a viable credit risk. What small businesses need is an alternative and we are working with the Royal Borough and Portobello Business Centre to offer it. It is a great frustration when good ideas cannot be developed – we all miss out.”
Allen Pluck, CEO of Portobello Business Centre, said: “Small and micro-businesses are unique and face very different challenges to larger companies. They don’t always have the manpower resources or time and need help to overcome the challenges they face.
“The new relationship with Your Credit Union will help remedy this with tangible assistance on the ground for the smallest businesses which will in turn provide new jobs and a more vibrant community for everyone.”