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County Council investment unlocks £1million loan fund to Essex businesses

Published on Monday, 21st December 2020

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A new £1million loan fund to help business during the current Covid-19 restrictions has been unlocked thanks to a £200,000 investment from Essex County Council.

Businesses in Essex which need financial support are urged to apply to this loan fund, which has been specifically ring-fenced for use by firms in the county.

The loan fund has been created with Let’s Do Business Finance, a partner in the Government’s Coronavirus Business Interruption Loan Scheme (CBILS).

Under this scheme a £200,000 investment from Essex County Council unlocks £1m to be available to businesses in the county when the fund opens on Saturday 2nd January, 2021.

The Government will guarantee 80 per cent of the finance to the lender, with fees and the first year’s interest costs covered by the Government.

Cllr Tony Ball, Essex County Council Cabinet Member for Economic Development, said: “We are committed to taking any action we can to support Essex Businesses during these current restrictions.

“Essex County Council has spent £74.5million to support the community during the Covid-19 restrictions this year and that is right and correct, but when we heard about the CBILS fund, our officers creatively searched for any investment we could make to create a loan fund for Essex businesses.

“If your business needs support during these current restrictions I urge you to apply. We want you to keep trading and be in a good place to drive economic recovery when these restrictions end.”

You can apply if your business:

  • Is based in Essex
  • Has an annual turnover of up to £45million
  • Requires finance up to £150,000

You need to show that your business:

  • Would be viable were it not for the pandemic
  • Has been adversely impacted by the Coronavirus.

If you have a business which is based in Essex and needs financial support during the current Covid-19 restrictions and you wish to apply for this loan fund you can find all the details here