Financial help for small businesses
As the credit crunch continues to bite, Lancaster City Council has teamed up with Lancashire County Council to offer financial help to new and existing small businesses within the District.
As the credit crunch continues to bite, Lancaster City Council has teamed up with Lancashire County Council to offer financial help to new and existing small businesses within the District.
Lancaster City Council's Rent Grant Scheme and Lancashire County Council's Kickstart Micro Credit scheme both offer valuable help to businesses and can be provided as a package of assistance to qualifying businesses.
The Rent Grant Scheme was introduced earlier this year to provide a boost for new and early stage businesses by offering grants of up to £2,500 based on 50% of the first year’s basic rent on commercial premises within the District.
In spite of the changing economic climate, there has been significant interest in the scheme with several offers made.
Grants have been awarded to numerous companies including environmental consultancy Crowberry Consulting Ltd. Becky Toal, managing director of Crowberry Consulting, said: “The grant I received from the city council has helped me at a crucial time for my business. As Crowberry Consulting expands, I needed to take on more staff which meant moving into a bigger office. I would not have been able to do this at the current time without the Rent Grant.”
To qualify for the Rent Grant Scheme, businesses must have been trading for less than three years, employ no more than 10 full time staff and should operate in sectors such as manufacturing, ICT/new media, environmental technologies, creative industries, services to industry or community enterprises. They must also be able to show that there is potential for employment growth
Kickstart Micro Finance offers loans up to £5,000 and is funded by Lancashire County Council’s economic development company Lancashire County Developments Limited (LCDL) and is operated by Business Venture Group Limited (BVG).
Kickstart operates in the same way as LCDL’s Rosebud fund. The loan can be for a period of up to five years and the repayment rate is generally two per cent above base.
Repayment holidays can be arranged and there is a small arrangement fee charged. As well as providing funding, supported businesses can also receive help in preparing business and marketing plans. All profits from the fund are reinvested to enable other businesses to benefit.
In addition to the funding available, businesses have access to a wide range of business assistance and advice, including details of sites and premises.
For more information visit www.lancaster.gov.uk/RentGrant
Date Updated: 17/04/09