The Wandsworth Business Loan Fund provides loans to local firms of up to £22,000
Small and medium-sized businesses who are struggling to secure finance from traditional sources such as banks, can apply to the £800,000 fund, provided jointly by Wandsworth Council and GLE oneLondon. The Wandsworth Business Loan Fund, which was launched earlier this year, is partly financed through the Regional Growth Fund, provided through the Community Development Finance Association.
GLE oneLondon is a leading provider of finance for new and growing businesses that specialises in lending to those who have been turned down by commercial lenders.
So far dozens of businesses have applied to the fund. One successful applicant, Kimberley Larsen (pictured left), used her loan to launch RIOT, a platform to match creative talent with clients based in Tooting.
She said: “There seem to be more and more entrepreneurs emerging in this area, so it feels like a good place to be. The finance made a huge difference as we were able to make significant progress and reach a point where we’re ready to launch.”
Businesses can use the loan for a number of purposes, including investing in equipment, boosting sales, promoting their product or services or safeguarding jobs.
A free one-to-one business review is available to businesses interested in applying for a loan. To be eligible, businesses must be based in Wandsworth, have been trading for more than 12 months and employ less than 100 staff.
October 13, 2014