A district council has agreed to change the criteria for a business support programme so it can help more people.
Eden District Council’s executive has agreed to amend the criteria for its Eden Business Support Fund.
The fund is a joint project between Eden District Council and Enterprise Answers, a not-for-profit community development finance institution. The Fund is set at £500,000, with each partner putting in £250,000.
It is designed to support local businesses that are looking to expand and develop, but may have struggled to get the backing from mainstream lenders.
Enterprise Answers are a partner of The Family Business Network and a long standing supporter of Cumbria’s family businesses and start-up’s.
The Council’s executive have agreed businesses can now borrow up to £200,000 for up to 15 years through the fund, providing they meet the required criteria and subject to fund availability.
To date the fund has supported 10 businesses, creating 17 full time equivalent new jobs, safeguarding 27.5 FTE jobs and upskilling 22 employees.
Councillor Mary Robinson, commercial services portfolio holder and deputy leader of Eden District Council, said: “Our partnership with Enterprise Answers has been really successful to date and we hope that with this change to the criteria we can support a wider range of Eden businesses through the fund over the coming years.”
Grahame Latus, chief executive of Enterprise Answers, said: “We are really pleased that the council have agreed to amend the criteria of the Eden Business Support Fund to increase flexibility. We are seeing an increasing need for alternative, flexible and creative finance solutions.”
The Eden Business Support Fund welcomes enquiries from businesses looking to grow, develop and upskill their workforce.
Businesses can contact Enterprise Answers on 01768 867 118 to find out more.