Loan fund announced by Advantage West Midlands
Advantage West Midlands (AWM) has launched a £4 million Transition Loan Fund that will help to address the problems businesses are already facing in obtaining credit through banks and other traditional routes.
The fund will be based on the successful loan rescue package established in the wake of the MG Rover collapse at Longbridge in 2005.
The Advantage Transition Bridge Fund threw a lifeline to MG Rover’s supply chain companies, making loans totalling £5.4 million, safeguarding around 1,400 jobs.
The Transition Loan Fund will offer viable businesses loans of between £50,000 and £250,000 to help bridge the gap for small and medium-sized enterprises (SMEs) suffering short-term funding problems due to the current financial crisis. The fund will be in addition to the range of finance schemes currently offered by Advantage West Midlands.
Businesses who think they may be eligible for support should contact Paul Wheeler or Norman Gascoigne at the AdvantageTransition Bridge Fund: paul.wheeler@advantagebridgefund.com or norman.gascoigne@advantagebridgefund.com
