A loan fund that supports small businesses and aspiring entrepreneurs who have difficulty accessing finance from banks, is set to be given a fresh injection of funding.
As part of the council’s growth ambitions to help small businesses, it is being proposed that the Croydon Enterprise Loan Fund is increased to £4m, having started out in 2008 as a £1m funding pot.
The fund has already delivered huge benefits with more than 230 local businesses receiving loans to either expand or start new companies, creating and protecting more than 270 local jobs.
Managed by GLE, one of the UK’s most active supporters of small business, the fund has been providing loans of up to £5,000 for start-ups, and up to £25,000 to small businesses.
Last October, PHK Enterprises Ltd, which trades as Beanies Café, in Middle Street, Croydon, received a loan which took the total amount distributed by the fund to the £2m milestone.
Councillor Toni Letts, cabinet member for economy and jobs
“The Croydon Enterprise Loan Fund has been a great success, providing support to small businesses where they would otherwise have not been able to receive it. Croydon needs to increase its rate of economic growth and the loan fund is a key to encourage firms to reinvest after recent lean years.
“It has delivered a tremendous boost to the local economy, by creating and protecting local jobs as well as helping SMEs expand their businesses.
“The fund has continued to grow, and we want to continue this success story by increasing the finance available.”
Cabinet is asked to extend the Croydon Enterprise Loan Fund when it meets on Monday, 22 June.
For more information about the fund visit www.gle.co.uk/croydon