What is it?
Small and medium-sized businesses often struggle to get funding from mainstream banks to get established or to grow. Some councils are supporting or creating alternative sources of funding to help their local small business sector.
Who’s doing it?
Newark and Sherwood: Setting up a loan fund to boost local business growth
A £2m fund has been created by Newark & Sherwood district council to encourage business growth in the district and create new jobs. The fund is being managed by a team of professional risk finance specialists on the council’s behalf. Think BIG and Pathfinder provide loans to existing, start-up or early trading businesses that don’t meet the banks’ lending criteria but are able to demonstrate they have a viable proposition for growth. Existing businesses can access up to £2500 of funding.
- Find out more here.
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