Regional Development Agency Advantage West Midlands

Credit Crunch

West Midlands firms given cash boost

The Government has set up a £4 million loan fund to help struggling small firms in the West Midlands survive the credit crunch. According to the Department for Business, Enterprise and Regulatory Reform (BERR), the fund is designed to help small and medium–sized enterprises (SMEs) overcome short–term funding problems. Loans of between £50,000 and £250,000 are available to established businesses for a maximum period of three years. The fund is being provided by Regional Development Agency Advantage West Midlands. Eligible firms can apply for funding straight away. Business Secretary Lord Mandelson said: “Access to finance is crucial for businesses to survive. With this fund, local firms can access the money they need to weather the economic storm and come... »