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Thursday, 30 October 2014

Cheap loans for Cumbria's small businesses

Small and medium-sized businesses in Cumbria can apply for loans of up to £150,000 at an interest rate of only one per cent.

The county’s Local Enterprise Partnership (LEP) has £1m available.

Firms with up to 250 employees can apply for loans to fund capital projects that create jobs.

Applicants need to demonstrate that the project is viable, that it can create jobs and a sufficient return to repay the loan. They must also provide security against the value of the loan.

The initiative is being delivered through the Cumbria Infrastructure Fund (CIF), a £6.1 million pot from the Government’s Growing Places fund which is a permanent fixture. Once loans have been paid back, the money will be loaned out again.

Information on how to apply is on the Cumbria LEP website www.cumbrialep.co.uk. Call Leanne Beverley on 01228 226628 or email leanne.beverley@cumbria.gov.uk.

Help to put together business plans and apply is available through Cumbria Chamber of Commerce’s growth-hub advisers. Contact Emma Blaney on 0845 226 0040 or email emma@cumbriachamber.co.uk.

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