Anne Main supports New Community Business Loans

A new £5m fund launched this week will support community businesses, charities, social enterprises and community development finance institutions that often struggle to qualify for mainstream bank lending.

Loans will be available on favourable terms for businesses located and trading in the UK with social or environmental aims and who reinvest their profits for a social purpose. All applicants must be investment ready in terms of management, governance and financial position. Start-ups as well as established businesses can apply.

Anne said:
“We all know that banks need to put money into communities and businesses. I regularly meet with local businesses that are struggling to get loans to start up or grow their businesses. We do need to grow out of this recession and getting funding back into our businesses is one crucial way to do that. I hope that St Albans’ businesses, charities and social enterprises will take advantage of this fund.”

Business and Enterprise Minister Mark Prisk MP has said:
“It is vital to improve the flow of finance from banks to all sectors of the economy. The Government supports any initiative that could help make this happen and I hope this fund will create new opportunities for community businesses to get access to mainstream finance. These enterprises play a key part in the Big Society and the links forged by initiatives like this will help them move forward and grow.”