Merton to support local businesses with new schemes

Merton to support local businesses with new schemesMerton Council has launched two new loan schemes designed to aid businesses in the area. Small businesses throughout the borough will be able to benefit from the Merton Business Loan Fund (MBLF) or the Micro Finance Loan Fund (MFLF) so long as they meet with certain requirements.

Between £10,000 and £22,000 can be awarded to small Merton businesses that meet the eligibility criteria. Companies must have a viable business plan and a real potential to grow in order to be assessed for the loan scheme, which could help firms to expand and provide more local jobs. The Greater London Enterprise will be delivering the scheme on behalf of Merton Council.

For those that wish to start up a small business in the area, the MFLF has been set up. This scheme will provide loans of between £500 and £10,000 to support those that have a dream to start a company. Small businesses that are looking to expand are also eligible to apply for the scheme, which will be delivered by the Fredericks Foundation.

Both loan schemes were launched at the latest business event hosted by the council at Wimbledon Studios. Around 200 attended the event on October 25th to hear what support the council is launching for local businesses. Talks were given by some of the directors of successful Merton businesses, as well as by councillor Andrew Judge, cabinet member for the environment, and councillor Stephen Alambritis, leader of Merton Council.

Councillor Alambritis said: “The council is committed to supporting businesses in Merton so they can develop, grow and create new jobs - which is why we are funding business loans and other business support schemes. 


"It will also give business a chance at a time when banks aren’t readily lending to them.  By providing these loans and other business support we will give businesses that are ready to expand the chance to do so,” he added.

Other schemes were also launched at the event, such as the Merton Business Support Service (MBSS), which is designed to offer support to new and small businesses, in order to help them expand.

Published 30th October, 2013

© 2013 Estates IT Limited

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