New cash for small business initiative
PUBLISHED: 10:18 17 April 2012
Devon County Council (DCC) has welcomed a new initiative to provide much needed access to finance for small and medium businesses.
Loans of up to £7,500 will be on offer to firms in the county thanks to the new consortium, the Devon Investment Fund.
It aims to build a portfolio of funds to improve and simplify access to finance, including providing £5million to provide small scale loans.
DCC will be working with a number of partners on the scheme, including the Devon Community Foundation, the South West Investment Group, Dartington Hall Trust and the Fredericks Foundation.
The council itself is providing £60,000 to help cover research and start-up cost, and the cabinet member for Economy, Enterprise and Employment, Councillor Will Mumford said: “This fund will certainly help small and emerging enterprises get a foothold in Devon’s business economy.
“Through a co-ordinated package of loans and advice we will be helping Devon’s entrepreneurs realise their dreams and ambitions.”