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Eden takes more flexible approach to business finance

Eden District Council’s Executive have agreed to amend the criteria for its Eden Business Support Fund to increase flexibility of the fund and be able to support a wider range of business enquiries.

The Eden Business Support Fund is a joint project between Eden District Council and Enterprise Answers, a not-for-profit Community Development Finance Institution. The Fund is set at £500,000, with each partner putting £250,000 in, and is designed to support local businesses that are looking to expand and develop, but may have struggled to get the backing from mainstream lenders, so have had their growth and job creation plans stifled.

Businesses can now borrow up to £200,000 for up to 15 years through the fund providing that they meet the required criteria and subject to fund availability.

To date the fund has supported 10 businesses, creating 17 full time equivalent (FTE) new jobs, safeguarding 27.5 FTE jobs and upskilling 22 employees.

Councillor Mary Robinson, Commercial Services Portfolio Holder and Deputy Leader of Eden District Council said; “Our partnership with Enterprise Answers has been really successful to date and we hope that with this change to the criteria we can support a wider range of Eden businesses through the fund over the coming years.”

Grahame Latus, Chief Executive, Enterprise Answers said; “We are really pleased that the Council have agreed to amend the criteria of the Eden Business Support Fund to increase flexibility.

We are seeing an increasing need for alternative, flexible and creative finance solutions in the marketplace to suit businesses seeking investment. It’s great that the Council can see the value in doing this.”

The Eden Business Support Fund welcomes enquiries from businesses looking to grow, develop and upskill their workforce. Please get in touch with Enterprise Answers on 01768 867 118 if you would like to enquire about finance through the fund.

ENDS

Notes to Editors:

Any decision taken by the Executive is subject to a call-in period of 5 working days following the publication of the Executive minutes.

For more information about the Eden Business Support Fund, please contact Emily Bond, Economic Development Manager on 01768 212139 or Emily.bond@eden.gov.uk