The business loan service was set up by Stoke-on-Trent City Council and Black Country Reinvestment Society (BCRS) in June with an initial loan fund of £200,000 to provide loans of between £10,000 and £50,000 to Stoke-on-Trent businesses who are having problems getting the funding they need from traditional sources. Continue reading
A loan fund created exclusively to help Stoke-on-Trent businesses unable to obtain finance from banks has been officially launched by Stoke-on-Trent City Council in conjunction with the Black Country Reinvestment Society (BCRS).
Initially, £200,000 is available for lending to companies who are having problems getting the funding they need from traditional sources.
A team of top financiers will be visiting Stoke-on-Trent next week giving small businesses advice on how to access essential funding despite the challenging economic times.
The Stoke-on-Trent and Staffordshire Local Enterprise Partnership (LEP) is running an Open Access to Finance event on February 27. It follows the success of the first such event run by the LEP in January which attracted dozens of local companies.
The Open Access to Finance events are being run in conjunction with the Black Country Reinvestment Society (BCRS), which operates the Staffordshire Business Support Fund in conjunction with Staffordshire County Council.
Experts from commercial banks, small business loan funds, law firms and business schools will be on hand as well as corporate financiers, financial advisors, accountants, angel investors and business advisors.
Stoke-on-Trent City Councillor Mark Meredith, Cabinet member for Economic Development, said
As part of the Mandate for Change the city council is committed to supporting existing businesses to flourish. The Open Access to Finance workshop is another part of the Make It Stoke-on-Trent and Staffordshire investment development team’s red carpet approach to investment. The event is helping businesses at every stage with support and guidance to help their companies grow.
LEP chairman Maitland Hyslop said
Some of the organisations at our event provide financial services and can explain the right way to apply for loans. Others will provide expert advice. I hope as many businesses as possible come along to the event – it could really make a difference to securing their futures.
Staffordshire County Councillor Ben Adams, Cabinet member for Economic Growth and Enterprise, said
Staffordshire is full of entrepreneurs and we are bucking the national trend in job creation. However, many small and medium sized businesses are finding it incredibly difficult to secure the finances they desperately need to survive in the current economic climate.
This event aims to change that. It is companies like these that are the lifeblood of the local economy and we want to arm them with the information and advice that they need not only to survive but to thrive. This is an ideal opportunity for business men and women to meet a range of experts who can help them to get to the next level and achieve their aims.
Paul Kalinauckas, Chief Executive of BCRS, said
Our previous Open Access to Finance events which we have held in the Black Country and Staffordshire have received a high level of interest and this highlights that local businesses require more help and information to find out what funding is available. “We are delighted to be hosting this event in Staffordshire to offer businesses direct access to a number of financial organisations which can hopefully offer them support.
The event will take place at the Mitchell Arts Centre, Broad Street, Stoke-on-Trent, from 3pm-6pm.
Attendance to the event is free but people must register in advance at email@example.com.
People can find out more information by contacting 0845 313 8410.