Essex CC Provides Small Business Funding

(Essex County Council) – CANVEY ISLAND BUSINESSES that are still finding it difficult to raise loans or overdrafts from conventional sources may find a white knight in the form of Essex County Council (ECC). The ECC, in partnership with the Alliance & Leicester and Abbey (part of the Santander Group and unaffected by Moody’s recent downgrades) are providing commercial loan and overdraft facilities of up to £100,000 to individual, small Essex companies, which have been trading for more than twelve months.

The scheme, which is being administered by the Alliance & Leicester, is not available to firms based in Southend or Thurrock.

Applicants need to provide a business plan; management accounts and forecasts, which should include:-

  • An executive summary of the business details.
  • A marketing and sales strategy.
  • Management team and personnel details.
  • Operational details (business premises, production facilities, ICT, systems, etc.).
  • Financial details (accounts, monthly profit and loss, cash flow, balance sheets and bank statements for the last six months).
  • Plans for repaying any loans or credit facilities.
  • Details of current debts and credit commitments.

Applications should be made to the Alliance & Leicester, on 08000 561998, stating that you wish to apply for a Banking on Essex loan.

Cllr Stephen Castle said: ‘Banking on Essex not only establishes a new, business-focussed lending framework; but will develop into a full range of services for small businesses — including support for producing business plans through to inward investment advice and support.’

… (15/06/2009) – EEDA Launches New Help For Businesses Seeking Finance

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