Sheffield businessess boosted by new micro-loan fund
Published: Wed, 23 Jul 2008 11:19:27
Hundreds of companies in areas of Sheffield could benefit from extra investment, following the launch of a new Fund aimed at start-up and existing businesses.
South Yorkshire Investment Fund (SYIF) has joined forces with Sheffield City Council under its £26 million BiG: Make it your Business initiative, which aims to get more Sheffield people to start and succeed in self employment and in business.
The new BiG Business Loan Fund will provide loans from £1,000 to £5,000 for new start businesses and up to £15,000 for businesses that have completed six months of trading.
BiG Business Loans are available to sole traders, partnerships or owner-managers, either starting a new business or developing an existing one.
The Fund will target people who struggle to raise funds from banks because their venture is too early-stage or they have a poor credit history.
SYIF will assist with the completion of the loan agreements, distributing the loan and collecting repayments. Their partnership with BiG was highlighted at the Enterprise Show at Meadowhall, attended by 1,000 people.