Mon, Aug 09 2010
West Lothian firms will soon be benefiting from a new investment loan fund which has been established to support businesses in the east of Scotland.
The East of Scotland Investment Fund (ESIF) has an investment pot of £5 million and will span the next five years to 2015. Its main aim is to assist viable SMEs (small and medium sized enterprises) who have struggled to secure capital from other sources. West Lothian is one of nine local authorities in the east of Scotland who have come together to create the fund which is based on the model of the highly successful West of Scotland Loan Fund. Bankrolled from the European Regional Development Fund (ERDF) at £2 million, the nine Scottish councils will contribute around £1.8 million in total, with the balance secured from bank term lending. Each local authority will engage directly with company applicants, appraise application forms, and monitor loans. Alongside partner advisers, Business Gateway, the fund will consider business plans and financial statements for viability. The appraisal process will include credit checks, before approval by a funding panel. Jim Henderson of West Lothian's Business Gateway confirmed the investment would be even over the course of the funds lifespan. "In West Lothian, we're looking to invest in both existing and early stage growth businesses. Though ESIF will be recruiting a company to manage funds, each local authority partner will have autonomy about investment decisions. "Eligible sectors for this fund include manufacturing, technology, engineering, software development, renewables and tourism infrastructure." West Lothian executive councilor Martyn Day said: "Access to finance remains a major hurdle to many SMEs who need to develop and grow. With this new resource, the fund will make a valuable contribution to West Lothian's business community." To discuss your growth project and eligibility for the fund contact Jim Henderson on 01506 777963.
|
