Loans of up to £15,000 available for Lambeth businesses

Lambeth businesses who are looking to raise finance can now do so through Lambeth Council’s Business Loan Fund.  Money is being made available to help businesses unable to access finance from other sources, such as banks. The fund has been set up in partnership with GLE oneLondon, a provider of finance and business advice services.

Hat Creative is one of the first businesses to take advantage of the fund. The small design and marketing firm has been in business since 2004 and director Richard Crighton says that last year he decided to expand his client base.

Richard says: “The business had been growing organically but the recession caused this to stall. I decided that strategically it would make sense to respond to the market place and develop products that gave fantastic value for money and as part of that thinking booked a stand at the Business start-up Expo at Excel in May.”

However the strategy required funding and when Richard approached his bank he was knocked back. He said: “I had approached my bank with whom I had been a customer for five years but they refused point blank. They gave no reason whatsoever for refusing to help despite my good history and the clearly outlined business model I had developed. I was then put in touch with GLE by the Business Growth and Enterprise Team at Lambeth Council to whom I owe a great debt of gratitude.”

Richard says that expert advice from GLE has also helped his business, adding: “It has taught me to think more clearly and more strategically. The whole experience has taught me that your business should be fleet of foot and flexible enough to be able to react to a constantly changing business environment and supply businesses what they need; not try to tell them what they want.”

Existing businesses looking to get loans from the fund can do so by contacting the Lambeth Business Desk. The Business Desk offers advice and referral services for everyone but particularly small and medium sized businesses in the borough. Designed to cut through red tape, the Business Desk offers advice when bidding for government contracts, investment support or networking opportunities.

Following demand from Lambeth small and medium enterprises, the fund was established to support local businesses during the current economic climate; and was made possible by Lambeth First’s Working Neighbourhood Fund. Lambeth council recognises that it is a difficult time for small businesses and that the Business Loan Fund could be a real lifeline to businesses that have been refused a loan from other lenders. 

Ian Jackson, Director of Lambeth First, said: “With credit tight at the moment, the Business Loan Fund will offer a safe alternative to bank loans for Lambeth businesses that are most vulnerable during the recession. This would not have been possible without the Working Neighbourhoods Fund”.

Whether you are trying to raise finance, improve efficiency or expand your business, the Business Loan Fund can assist you. For further information, contact the Business Desk on 020 7926 3032 or email businessdesk@lambeth.gov.uk.

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