A loan fund designed to provide capital for entrepreneurs struggling to raise finance from conventional sources is celebrating awarding more than a quarter of a million pounds to East Midlands businesses in its first six months.

EnterpriseLoans East Midlands launched in June 2008, and has since awarded £282,000 to 22 applicants.

Nottinghamshire entrepreneurs, from both established companies and start-ups, make up 40% of the recipients. Firms benefitting from EnterpriseLoans East Midlands’ funding cover a broad spectrum, including cafes, a dance school, a travel agent and an accountancy practice.

Established by East Midlands Development Agency (emda) and managed by First Enterprise Business Agency (FEBA), EnterpriseLoans East Midlands aims to help 1,000 businesses over the next ten years, offering loans of between £3,000 and £20,000.

“I am thrilled that EnterpriseLoans East Midlands has already helped a range of businesses in Nottinghamshire,” said John O’Reilly, emda’s Business Support Director.  “The increasing difficulty of accessing finance is one of the main inhibitors of business start-up and growth, especially for small businesses and deprived communities, and this is why initiatives such as EnterpriseLoans are so important, particularly during the current economic downturn.”

Quamar Zaman, FEBA’s Chief Executive commented: “As a support agency FEBA has pledged £3 million towards helping fuel economic growth, and in the first six months of operation, EnterpriseLoans East Midlands has been incredibly well received.

“Over the next 10 years our aim is to create and safeguard 1,400 jobs and assist 1,000 businesses, half of which will be start up businesses. EnterpriseLoans East Midlands will continue to focus on supporting people with viable business ideas and strong foundations, particularly owned and started by young people, women, ethnic minorities and people with disabilities. We are receiving a steady flow of enquiries and would encourage people with viable business ideas to contact their local Business Link advisor.”

Existing entrepreneurs or individuals who are thinking of starting up in business should contact Business Link on 0845 058 6644 or visit www.businesslink.gov.uk/eastmidlands for help and advice.

For more details about EnterpriseLoans East Midlands, telephone 0845 602 7355 or visit www.enterpriseloanseastmidlands.co.uk

ENDS

Issued on behalf of emda by lava. For further information please contact Matt or Louise at lava on 01522 842 800 / 07870 567 968 or matt@lavapr.co.uk / louise@lavapr.co.uk

Notes to Editors:

About emda

•    East Midlands Development Agency (emda) is one of nine Regional Development Agencies in England, set up in 1999 to bring a regional focus to economic development.

•    Working in partnership with public, private and voluntary organisations the aim is to deliver the 2006 Regional Economic Strategy (RES) ‘A Flourishing Region’, which sets out regional priorities until 2020.

•    The RES, coordinated by emda, highlights the themes of productivity, sustainability and equality and builds on the previous two strategies; ‘Prosperity Through People’ and ‘Destination 2010’.

•    In early 2007 the National Audit Office announced emda had received the highest possible grade of ‘performing strongly’ in an independent assessment of our work – scoring 22 out of 24.

•    For more details visit www.emda.org.uk.

About First Enterprise Business Agency (FEBA)

•    First Enterprise Business Agency (FEBA) was established in 1989 to meet the challenges faced by the ethic minority community by bridging the gap of accessibility of support and provide a confidential and culturally sensitive business support service.

•    FEBA is a non-profit-making organisation, which registered as a company limited by guarantee in May 1993 after it gained independence from the Nottingham City Council.

•    First Enterprise Business Agency’s (FEBA’s) role is to help people from ethnic minorities and disadvantaged communities to create and sustain economic advantage through self-employment by providing pre and post start-up support in many forms.

•    FEBA is an Enterprise Agency in the East Midlands region with a specialist remit to serve the ethnic minority community, and disadvantaged groups.

•    FEBA is a member of the following organisations:
o    BERR Approved Enterprise Agency
o    Full member of the National Federation of Enterprise Agencies (NFEA)
o    Member of Community Development Finance Association (CDFA)
o    Licensed by the Office of Fair Trading under the Consumer Credit Act 1974, license number 381033
o    Nottinghamshire Chamber of Commerce membership number 369975
o    Meets the requirements of the National Standard for Effective Investment in People
o    Registered for BS EN ISO 9001:2000 certificate number 19088
o    Accredited by the Customer First Framework certificate number 1490

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