The East London Small Business Centre (ELSBC) has been awarded the contract to provide a range of business support services to start-up and mirco recycling, remanufacturing and design businesses.
London Remade sees the service as essential to helping start-up entrepreneurs and social enterprises who play an important role in creatively utilising resources but find it difficult to secure commercial loans.
Tower Hamlets-based ELSBC will manage a loan fund which will make awards of up to 15,000 to businesses looking to expand their activities. Loans will be made at base rate plus 2% with beneficiaries having
to supply some match funding. Preference will be given to companies based in and around the Thames Gateway region of London which has been earmarked for regeneration.
Ben Saunders, of London Remade, said “We are delighted to be working with one of the regions foremost small business support organisations, they have an excellent track record of managing loan funds, and this valuable facility will remain available long after our current funding regime expires in 2004.”
Organisations wanting to apply for a loan will be allocated a business advisor who will assist them in preparing their business plan. ELSBC will also run a business mentoring service.
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