Banking on Essex scheme now offers overdraft facility to businesses

PUBLISHED: 08:56 01 January 2010 | UPDATED: 07:29 30 May 2010

THE innovative Banking on Essex programme has expanded its financial product offering to include overdraft facilities to eligible local businesses. Whilst banks are reported to be scaling back on credit approvals for small and medium businesses (SMEs), B

THE innovative Banking on Essex programme has expanded its financial product offering to include overdraft facilities to eligible local businesses.

Whilst banks are reported to be scaling back on credit approvals for small and medium businesses (SMEs), Banking on Essex is looking at ways to support local companies through loans and overdrafts.

Banking on Essex, in association with Santander Corporate Banking, is taking positive steps to ensure working capital is available to Essex entrepreneurs.

By offering overdrafts of up to £100,000 to viable businesses, the Essex County Council initiative is providing real opportunity for growth, during a time of restricted lending.

Lord Hanningfield, Leader of Essex County Council, said: "It is vital during this difficult financial climate to support the county's entrepreneurs. By extending the product offering from Banking on Essex to include both loans and overdraft facilities, we can help address the key financial issues local businesses are facing.

"Protecting the availability of both credit and working capital to small businesses will help them to keep trading."

Banking on Essex overdraft facilities and loans are available to eligible businesses that meet the following criteria:

* Have their main trading premises in Essex.

* Employ less than 250 people.

*·Have a turnover of less than £22 million.

*·Have been trading for at least 12 months.

Overdrafts of up to £100,000 are based on one year arrangements and are subject to credit assessment.

To find out more information on how to apply for a loan or overdraft visit www.bankingonessex.com or come along to the Meet the Lenders events which are taking place at County Hall, Chelmsford in the New Year. Visit www.essex.gov.uk/meetthelenders

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