More than half a million pounds has been awarded to small businesses in the East Midlands in less than a year by a loan fund designed to help entrepreneurs overcome difficulties in raising finance from other sources.EnterpriseLoans East Midlands launched in June 2008 to provide small loans for businesses in the region and has since provided £556,650 to 39 recipients.

Loans have been awarded throughout the East Midlands, to a broad spectrum of companies, both established and start-ups, across a wide range of sectors including marketing, publishing and catering.

Established by East Midlands Development Agency (emda) and managed by First Enterprise Business Agency (FEBA), EnterpriseLoans East Midlands aims to create and safeguard 1,400 jobs and assist 1,000 businesses between 2008 and 2018, offering loans of between £3,000 and £20,000.

“I am delighted that in its first year, EnterpriseLoans East Midlands has already helped a wide range of businesses in the region,” said John O’Reilly, emda’s Business Support Director.  “Small businesses are a core element of the economy and it is important to support them, particularly through the current difficult conditions. Viable and growing businesses in the East Midlands often need help accessing finance, and this is why initiatives such as EnterpriseLoans are important in helping to alleviate some of the problems faced by entrepreneurs, start ups and growing companies, particularly those from disadvantaged communities wanting to establish their own businesses. The EnterpriseLoans programme will also help businesses in the longer term and hundreds of entrepreneurs will be supported over the next decade.”

Quamar Zaman, FEBA’s Chief Executive commented: “As a support agency, FEBA has pledged £3 million in addition to emda’s £2.6 million, towards helping fuel economic growth, and in less than a year of operation EnterpriseLoans East Midlands has been incredibly well received.

“With funding for small businesses becoming an increasingly difficult issue because of the added risks from the economic downturn, EnterpriseLoans is an excellent initiative for the East Midlands.  We will continue to build on our strong track record of delivering alternative funding to people who are struggling to access finance or require working capital to start or grow their viable business plans.

“We would encourage business people in the region with vision, commitment and aspirations of growth to contact their local Business Link adviser.”

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.

Ten years on, independent evaluation shows emda has:
•    Had a significant impact on the region’s economy
•    Generated economic benefits that substantially outweigh its overall costs
•    Put back over £9 of economic output (or GVA) into the regional economy for every £1 it spends
•    Produced more than £1 billion in economic benefits per year
•    A wider impact on people, places and businesses in the East Midlands that cannot be captured by figures alone.

emda is committed to supporting the region through the current downturn and has put in place a range of measures to provide real help during these challenging times.

Over the long term, emda’s aim is to deliver the 2006 Regional Economic Strategy (RES) by working in partnership with public, private and voluntary organisations.  The RES highlights the themes of productivity, sustainability and equality and sets out key priorities until 2020 to ensure the vision for ‘a flourishing region’ can be achieved.

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
Committed to Business in the Community’s Community Mark