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Cashing in on success – loans for local businesses

Are you a Lambeth business that needs to access some cash? Have you been turned down from a bank but need a loan and business support? If this sounds like you, then Lambeth Council could help. Working in partnership with GLE oneLondon, and funded by the borough-s local strategic partnership Lambeth First, the council is offering business loans to qualifying companies.

The Business Loan Fund is targeted at small businesses and will offer loans of up to £15,000 to businesses facing financial challenges during these difficult economic times. Businesses that apply for funding under this scheme will be carefully assessed and offered business support and advice as part of the overall loan application process.

The scheme has been running for two months, and Hat Creative, a small design and marketing firm based in Norwood that has been running since 2004 has already benefited from the fund. Its director Richard Crighton comments: “The business had been growing organically but the recession caused it to stall”.

Richard needed funding for a trade show his company was taking part in and despite having a good credit history and a good business plan, his bank loan application was turned down. After contacting Lambeth Council’s Business Desk and GLE oneLondon, Richard says the expert advice has helped him and his business: “It has taught me to think 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”.

Councillor John Kazantzis, cabinet member for employment and enterprise said: “These loans form just a part of our wide ranging programme to help businesses grow. In addition to the funding¬†– which is offered only after rigorous assessment¬†– we also encourage companies to contact our Business Desk for advice and support. So businesses can benefit from a whole package of assistance tailored specifically to their needs”.

For more details about the Business Loan Fund, contact the Lambeth Business Desk on 020 7926 3032 or email businessdesk@lambeth.gov.uk.

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