Economic Recovery Loan Fund

Even in good times managing a business is never easy.

It's even more difficult for businesses when times get tough.

The London Development Agency (LDA) recognises that London's business community needs additional support during the current economic downturn, and has developed a special programme for SMEs, the Economic Recovery Loan Fund, to help businesses survive the recession and prepare for the future.

Launched on Friday 12 June 2009, the scheme will provide established businesses with loan funds of £10,000 to £50,000.

The scheme, which is part of Action 4 of the Mayor of London's Economic Recovery Action Plan, is available for any business that:

• has a viable business plan and is able to show that it can afford to repay the loan
• has less than 250 employees or annual sales of less than £45 million (Businesses dealing in land commodities or securities are excluded, as are most businesses providing financial services)
• is a sole trader, partnership, limited company, social enterprise or charity
• is based in London
• has been trading for at least 12 months
• needs a loan to help protect existing jobs or create new ones

Small business benefit from LDA support
 

Businesses across London are benefitting from loan funds, financial advice and support provided by the LDA.

Faisal Haque of Wrap It Up said:

"We are a small sandwich business looking to grow. We are delighted to have the chance to borrow the money we need at rates that are guaranteed. This will allow us to set up a new branch and increase our sales."

Rob Gribbin of hi-tech ticketing agency Clubtickets said:

"Without this loan from the LDA’s fund, we would find it hard to get the money we need to expand.   We will now be able to plan our growth and build our business."

Contacts

The funds will be managed by two external organisations, East London Small Business Centre and GLE oneLondon. If you need help preparing an application for a loan, or for general business advice, contact Business Link on 0845 6000 787.