Loans for West Midlands businesses

18 November 2008

The Government plans to provide small and medium-sized companies in the West Midlands with an initial £4 million in loans.

The aim is to help businesses that are finding it hard to obtain loans through ‘normal’ channels.

The Government-funded Regional Development Agency, Advantage West Midlands, will provide individual loans of up to £250,000 to ‘help bridge the gap for businesses suffering short-term funding problems due to the current financial crisis’.

“A lot of people think about personal loans when they hear the phrase ‘credit crunch’ but loans are extremely important to businesses too,” said a loans expert for Think Money.

“Businesses rely on loans and other kinds of credit, so it’s good to see the Government taking action in the form of schemes like this: they may not have a direct impact on consumers, but by protecting businesses, they’re protecting jobs – and the economy as a whole.”

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