Birmingham small businesses struggling to borrow from high street banks have been urged to tap into a £3 million fund established in the city earlier this year.
Launched in April, Birmingham Small Business Loan Fund (BSBLF) aims to lend £3m to Birmingham businesses over three years.
So far the fund, which has been created by ART Business Loans (ART), Birmingham City Council, ThinCats peer lending platform and Unity Trust bank, has lent almost £500,000 to ten businesses across Birmingham, while a number of other businesses are currently going through the application process.
And, speaking ahead of Small Business Saturday (2 December), Birmingham City Council leader Cllr Ian Ward today urged other SMEs across the city to contact ART.
He said: “Small businesses have always played a huge role in Birmingham’s economy. From the days when this was the City of a Thousand Trades, right up to the present day, SMEs have created jobs and wealth in Birmingham. I’m delighted that Birmingham City Council is working with partners to help the entrepreneurs of 2017.
“Sadly, we know that many small businesses can struggle to secure borrowing, which is where the Birmingham Small Business Loan Fund comes in. I would urge any small business in Birmingham looking to access borrowing to contact ART.”
Businesses operating in Birmingham can borrow between £10,000 and £100,000 from the new BSBLF via ART. Loans can be used for any business purpose and are available to all market sectors, including retail. Repayment terms are from six months to four years and there is no penalty for early repayment.
Steve Walker, Chief Executive of ART, added: “We’re here to support enterprise and local jobs. Our average loan size is £35,000, a sum which it is particularly challenging for businesses to access elsewhere, but which can be vital to support cashflow, replace or repair equipment and enable growth.”
To apply for a loan go to www.artbusinessloans.co.uk or call ART on 0121 359 2444.
— LeaderofBirmingham (@BrumLeader) October 17, 2017