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£1.5m Loan Fund Launched

Published 18th May 2011 by Rachel McDerby

The Chamber’s enterprise arm is launching a new £1.5 million loan fund to help new and growing businesses who have been unable to raise finance through the usual channels.

The West Yorkshire Enterprise Agency, a subsidiary company of the Chamber, will operate the alternative source of finance for businesses in Kirklees, Calderdale and Wakefield.

The money will come from the Agency’s own loan fund reserves, the European Regional Development Fund and other access to finance initiatives in the region.

Andrew Choi, Executive Director of the Chamber said: “We are delighted that the enterprise arm of the Chamber will be operating the loan fund exclusively in our area.

“As publicly funded business support winds down, we are keen to make sure that local businesses are still able to access the support they need for up to £50k of working capital quickly and easily.

“We will be introducing all applicants and local business in general to this important source of finance to help them maximise every opportunity for their new idea or growing business.”

The Enterprise Agency is keen to identify organisations that can join a referral network for applicants who need extra support to turn their business aspirations into a reality.

They are also keen to hear from any financial intermediaries whose customers could benefit from the loan fund and anyone who might be interested in joining a panel to assess applications.

Support organisations and financial intermediaries who are interested can go along to an information session on June 8 at Cedar Court Wakefield or June 9 at Cedar Court Ainley Top.

For more information, call Kate Inwood at West Yorkshire Enterprise Agency on 01924 311603.

System Vision Uses Alternative Finance to Secure the Latest CCTV Technology

System Vision of Holmfirth accessed a business loan from West Yorkshire Enterprise Agency and used it to develop new hardware and software for their passenger waiting shelter CCTV recording systems.

Managing Director Bill O’Brien said: “Having an alternative source of finance to go to when the usual providers are not able to lend is a great opportunity for small businesses.

"In our industry its really important that we are at the cutting edge of technology because we supply the court system with evidence, often for serious crimes and it has to be top quality.

"This loan meant that we could accelerate a new project 12 months ahead of schedule – in fact we may not have been able to do it at all without it.

"This has an impact on business and with turnover increasing year on year we have been able to employ a new member of staff with more recruitment plans in the pipeline.”
Bill O'Brien of Systems Vision

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