The Finance for Business North East Microloan Fund
is the seventh fund of the £125m Finance for Business North East
Programme. The fund has been made possible by a unique collaboration
between the European Investment Bank (EIB), European Regional
Development Fund (ERDF) and regional development agency, One North East
(ONE).
Entrust manages the £5m Microloan Fund on behalf
of North East Finance and will aim to support the creation of new
enterprises and the growth of existing micro and small businesses
(including Third Sector Organisations) across the region. The fund will
help to stimulate the creation of new business and secure jobs within
the North East of England.
The initial investment phase will run until 31st
December 2014 with the fund open to applications from mid-April 2011.
Unsecured loans of between £1k and £25k will be made to both start-up
and existing businesses who are finding it difficult to secure
mainstream finance.
Loan support will be targeted at key customer
groups, including disadvantaged individuals, sole traders, partnerships,
limited companies and third sector enterprises.
More information is available on the Entrust website