Staffordshire Business Support Fund

The Staffordshire Business Support Fund has been especially designed to meet the needs of local businesses. Business finance can sometimes be a problem. Lack of track record, unreasonable security arrangements, past financial problems or simply not meeting conventional credit scoring methods may be hindering the process.

The Fund is run for Staffordshire County Council by the Black Country Reinvestment Society, a mutual organisation, owned and run by members, the purpose is to provide access to finance to enable local businesses to grow and prosper. There is no impersonal computerised credit scoring and applicants will be able to talk to and meet one of the Business Development Managers to develop the loan application.

Loans are available to businesses making a positive contribution to the social, environmental or economic well being of Staffordshire and are available to any form of business from Sole Trader to Limited Company as long as the business is located within Staffordshire County.

The period of the loan with vary on a case by case basis. Should the loan be for a capital asset, then it will be for less than the useful life of that asset. Should it be for a revenue item e.g. to assist with cash flow, then every effort will be made to structure repayment of the loan within the projected cash generation of the business.

As each loan is judged on its own merit, there is no specific amount that the applicant is expected to put into the project and although security on the loan is taken where ever possible some loans may be made without security.

The minimum loan available is £10,000 and the maximum is £50,000. Unfortunately, certain sectors are ineligible for the fund; these include retail shops and property developers.

To apply online click here or call 0845 313 8410

Once a full application is received one of the Loan Managers will assess the case. If further information is required before progressing then the client is advised as soon as possible. At the next stage the Loan Manager will interview the client to get a full understanding of the applicant and the business. The assesment process should be completed within 28 days.