Back in March this year we told you that Blackpool Investment Fund had been expanded and £100m in loans was available for business growth from the renamed Loan Fund. You can read the original article here.
There is still a significant amount of money left in the pot and we’re urging Blackpool based businesses with scheduled expansion plans to give it a look.
Laila’s Fine Foods at Bispham were one of the businesses which used two commercial loans to support growth. They increased the size of the factory to over 90,000sqft. They now employ 320 people and deliver an increased turnover of £36m.
Loan Fund Supports Business Growth
The aim of the Loan Fund is to support growth and improvement projects which will create more local jobs for local people.
Your business can access the fund if it is already based in Blackpool or wishes to relocate into the authority area.
Loans are offered at commercial rates, however, repayment plans are individually negotiated. This could prove to be an advantage for your project.
Each application will be rigorously assessed to ensure that the loan and interest can be repaid. Final decisions on funding are made by a Blackpool Council panel.
Cllr Simon Blackburn, Leader of Blackpool Council, explained how the Loan Fund works, and why the Council is offering them.
“Blackpool Council can borrow money at a lower interest rate than business can. We can lend this money to local companies to support their growth. Investing in our local businesses and our own people will have many advantages in making Blackpool more economically prosperous. One of which is that it will enable us to grow our own income which can be used to deliver local services.”
This is just one of many sources of funding which could be accessed by your business. As providers of business advice Jones Harris will help you to plan your own projects and advise about potential sources of funding. Get in touch with us at Jones Harris to discuss your own expansion plans.
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