£1million lifeline for Staffordshire businesses goes live

Im very pleased to announce that small businesses in Staffordshire from today will be able to benefit from a new loan fund to help them through the hard times of the recession.

The new Staffordshire Business Support Fund was my my colleagues and I in cabinet only last month and today we have officially opened for business!

So, whats it all about? Staffordshire County Council is investing £500,000 in the new fund which will be matched by a further £500,000 from the European Regional Development Fund, via Advantage West Midlands.

The loan which is being delivered by the Black Country Reinvestment Society (BCRS) will allow existing businesses in the county, with up to 50 employees to apply to BCRS for loans of £10,000 to £50,000.

In these hard financial times quick access to finance is essential to the local economy in Staffordshire. On my journey’s I have noticed that many well-run businesses have been finding it increasingly difficult to stay afloat through the recession. Quite often customers may fail to pay on time, but suppliers still need to be paid. The ability to keep cashflow running will determine whether the business survives or fails – and if it fails, that means jobs lost within our local community.

Businesses interested in applying for loan funding should contact BCRS directly on 0845 313 8410 or complete a fast-track enquiry form available at www.bcrs.org.uk

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