Braintree District Council launches £500,000 Business Growth Fund
£500,000 will be made available to businesses across the Braintree District through a new loan fund set up by Braintree District Council.Published: Tuesday, 15th September 2015
Access to finance can be a major barrier for businesses restricting the potential for economic and employment growth; the Business Growth Loan Fund will help address this issue. Innovative and growing businesses will be able to apply for capital investment loans between £5,000 and £100,000, for a maximum of 50 per cent of the value of the investment; the other 50 per cent must be invested by the private sector. Loans will be repayable over a maximum period of five years with interest charged at a commercial rate to enable the Council to offer loans to other projects in the future.
Cllr Graham Butland, Leader of the Council, said: “The Braintree District is expected to see significant growth in the coming decades and as a local authority we want to make sure that the right foundations are in place to support and stimulate this growth. This means identifying the obstacles to growth for small and medium enterprises, and research suggests that access to loan finance is one of the key issues affecting SMEs both locally and nationwide.
“We are an ambitious Council and we want to take action now to ensure that our District remains not only an attractive destination for incoming investment but a place where existing businesses have the opportunity to develop and succeed.”
The Business Growth Loan Fund will be available to viable existing and incoming businesses across the Braintree District that can present a solid business case and that display a high degree of growth potential. Applications will be assessed against the impact of the investment in stimulating growth and creating jobs in the District.
The Fund will open for applications from 14th September 2015. There is no closing date, and applications will be assessed as and when they are received.
For the full terms and conditions of the scheme and to submit an application, visit www.braintree.gov.uk/businessloan.