28 September 2016

New scheme proving affordable loans and business support

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A new partnership between a credit union and an enterprise agency – believed to be the first of its kind in the UK, will be providing affordable loans and business support to fledgling businesses in the Royal Borough of Kensington and Chelsea.

Kensington-based Your Credit Union and Portobello Business Centre will administer £100,000 in loan guarantee funds on behalf of the Royal Borough of Kensington and Chelsea, specifically supporting the self-employed and new micro-businesses with loans.

Typically loans will be for a few thousand pounds, but could go up to £10,000. The Council is supporting the scheme to help the two organisations work together and offer finance to start-ups. In addition they will offer business and financial advice.

The scheme is intended to help residents who have not been able to raise start-up finance from traditional sources, such as the banks, which can be difficult, particularly if a person is currently out of work. Newly trading, small and micro businesses will also be able to access loans to help them become more sustainable.

For further information on affordable loans and business support for small businesses contact Portobello Business Centre on 020 7460 5050.