County council loan fund opens for Covid hit businesses
- Credit: Archant
A new £1m loan fund to help business in Essex during the current Covid-19 restrictions opens today (Saturday, January 2).
The loan fund has been created with Let’s Do Business Finance, a partner in the Government’s Coronavirus Business Interruption Loan Scheme (CBILS).
Under this scheme a £200,000 investment from Essex County Council has unlocked £1m.
The Government will guarantee 80 percent of the finance to the lender, with fees and the first year’s interest costs covered by the Government.
Cllr Tony Ball, Essex County Council cabinet member for economic development, said: “We are committed to taking any action we can to support Essex Businesses during these current restrictions.
“Essex County Council has spent £74.5million to support the community during the Covid-19 restrictions this year and that is right and correct, but when we heard about the CBILS fund, our officers searched for any investment we could make to create a loan fund for Essex businesses.
“If your business needs support during these current restrictions I urge you to apply. We want you to keep trading and be in a good place to drive economic recovery when these restrictions end.”
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You can apply if your business:
Is based in Essex
Has an annual turnover of up to £45million
Requires finance up to £150,000
You need to show that your business:
Would be viable were it not for the pandemic
Has been adversely impacted by coronavirus.
Details are online at www.letsdobusinessfinance.co.uk/cbils-ldbf