New loan fund launched to help Newham’s businesses

Kay Atwal, Chief Reporter Monday, June 11, 2012
2:15 PM

Entrepreneurs keen to start up their own businsses or those struggling to secure finance can now apply for a loan fund launched recently.

The fund has been launched by East London Small Business Centre. It will provide debt finance to entrepreneurs seeking to start a new business or to those who have been in business less than 18 months, but are struggling to secure the finance needed to grow or expand their business.

An estimated 65 new businesses will be able to receive start-up loans of up to £10k, by December 2013. Additionally, businesses will receive free intensive face to face business support from a business advisor at ELSBC, who will work with the entrepreneurs during the application process and support them in developing a financially viable business plan.

Joint funded by The Mayor of London, SME Wholesale Finance and East London Small Business Centre, a total of £500,000 will be available to entrepreneurs based primarily in the London Boroughs of Tower Hamlets or Newham.

Pauline Barnett, ELSBC’s Chief Executive said: “Due to the economic climate, and the banks reluctance to lend, our capital for loan funding has seen unprecedented demand from new and existing businesses. We are delighted that the London Legacy Loan Fund will enable us to support some of London’s new and emerging businesses access the finance they need for growth.”