Businesses which have been turned down by the banks will still be able to access finance thanks to new scheme being launched by Wealden District Council and EDEAL.
The Small Business Loan Scheme is open to companies which employ 10 people or less.
The amount available to lend through the scheme is between £5,000 and £15,000.
Companies applying for the loans will be expected to write a business plan to back their proposal and this should involve growing the business and employing more staff.
Councillor Roy Galley, Cabinet member for Economic Development, said, “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.
“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.
“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.”
The Small Business Loan Scheme is being launched by the Lord Lieutenant of Sussex, Peter Field, at the East Sussex National Hotel & Golf Resort near Uckfield at 10am on Thursday July 2.
There will be an opportunity to network with representatives from local businesses, members of the Alliance of Chambers in East Sussex and Wealden district councillors.
Further information about interest rates and conditions are available from the Lets Do Business Group, www.letsdobusinessgroup.co.uk/business-finance.aspx, telephone 0845 601 8326.
• Please send an e-mail to email@example.com if you are interested in attending this event.
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