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Small Loans for Business hits two-year milestone and further funding is announced

16th July 2009

• Over 150 businesses supported
• Over £2m distributed across the Northwest
• Additional funding approved to enhance programme

The Northwest Regional Development Agency's (NWDA) Small Loans for Business programme has reached the end of its second year and the outputs are exceeding expectations and helping more businesses in the region to start-up and expand, despite the current difficult economic conditions.

The Small Loans for Business (SLB) scheme is designed to help Northwest business owners, entrepreneurs, charities and social enterprises start up and expand their businesses.

Over the past two years it has provided small loans of between £3,000 and £50,000 to new and growing businesses and social enterprises. It was set up to encourage and make it easier for more people to access finance, start up and grow their own enterprises in the region.

The fund commenced in April 2007 and in two years (April 2007 - March 2009) the NWDA, through its network of SLB fund managers across the region, has distributed loans to 158 companies across the Northwest. The scheme is funded by government, the NWDA and private sector partners and is a credible and stable way for organisations to fund their growth plans. Over £2.2m has been approved and issued across the region since 2007.

Mark Hughes, Executive Director of Economic Development at the NWDA said:
"Thanks to the straight forward application process and meeting the needs of businesses we have seen a significant number of applications for a Small Loan for Business over the past two years. The NWDA's Finance for Business activity is part of the Agency's drive to ensure that Northwest businesses do not suffer unnecessarily at the hands of the uncertain banking system."
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The NWDA has also approved a further £5m for the Small Loans for Business programme which will enhance and prolong the life of the programme. The funding was announced last month and forms part of the £25m which the NWDA and the European Regional Development Fund have made available in transitional funding to businesses since December 2008.

Small Loans for Business, is part of Solutions for Business, the Government's package of publicly funded business support designed to help companies start and grow.

David Hodkinson, Director at Acton Bridge Nursery and Shrub Centre, a recently successful SLB applicant, said: "As an independent retailer catering for the local market, we are delighted with the assistance given to us by the NWDA...
...Since receiving the loan we have been able to action a number of projects. Things are going really well for us, despite the current economic conditions and without the funding we would certainly have not survived. We have just taken on a further full time member of staff, and its all hands on deck."

The NWDA is playing a crucial role in response to the current economic downturn, with a number of actions being taken to meet the needs of businesses during these challenging times.

To keep updated on the range of support being offered by the NWDA visit www.nwda.co.uk/supportingbusiness For further information on business support in England's Northwest go to www.businesslink.gov.uk/northwest
Ends

The network of SLB fund managers operating across the Northwest includes the following Community Development Finance Institutions (CDFI):

• Bolton Business Ventures (Lancashire and Oldham, Rochdale, Wigan, Bury, Bolton)
• Business Finance Solutions (Cheshire and Salford, Tameside, Stockport, Manchester, Trafford)
• Merseyside Special Investment Fund (Merseyside - from January 2009)
• Cumbria Asset Reinvestment Trust (Cumbria)
• The Social Enterprise Loan Fund (All regions)


For further information please contact Neil Roscoe, Senior Press Officer on 01925 400232 or mobile 07980 713282 or neil.roscoe@nwda.co.uk

For urgent out of hours press enquiries please call 01925 400259.

For further information and to view previous press releases visit us at www.nwda.co.uk/press

The Northwest Regional Development Agency (NWDA) leads the economic development and regeneration of England's Northwest and is responsible for:
• Supporting business growth and encouraging investment
• Matching skills provision to employer needs
• Creating the conditions for economic growth
• Connecting the region through effective transport and communication infrastructure
• Promoting the region's outstanding quality of life