Business boost worth £500K to Braintree

Latest business news from the Suffolk Free Press, suffolkfreepress.co.uk, @sfpsudbury on Twitter

Latest business news from the Suffolk Free Press, suffolkfreepress.co.uk, @sfpsudbury on Twitter

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Hundreds of thousands of pounds will be made available to businesses across the Braintree District through a new loan fund set up by Braintree District Council.

As access to finance can be a major barrier for businesses, restricting the potential for economic and employment growth, so the council has set up the Business Growth Loan Fund.

The council is hoping the fund, with a total of £500,000 available too apply for, will help address these issues.

Businesses will be able to apply for capital investment loans between £5,000 and £100,000, for a maximum of 50 per cent of the value of the investment, with the other 50 per cent coming from investment from the private sector.

The loans will be repayable over a maximum period of five years, with interest charged at a commercial rate to enable the council to offer loans to other projects in the future.

Graham Butland, leader of the council, said: “The Braintree District is expected to see significant growth in the coming decades and as a local authority we want to make sure that the right foundations are in place to support and stimulate this.

Applications are available from the council’s website.