New cash for small business initiative

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.”

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