Member Article

Microloan Fund passes major milestone

A REGIONAL fund set up to help micro and small businesses achieve success has passed a major milestone after supporting its 250th company.

Business support organisation Entrust has issued its 250th loan through the Finance for Business North East Microloan Fund to East Boldon-based Professional Payroll & Accounts Limited.

The company was formed in January 2012 and will use the funding to support its marketing and branding strategy, pay for accounting software and IT equipment.

The Finance for Business North East Microloan Fund was launched in summer 2011 to assist micro and small businesses and has provided an important lifeline to 250 companies seeking finance. It is funded through a collaboration between the European Investment Bank and the European Regional Development Fund.

Peter Gilson, Head of Funds at Entrust said: “The Microloan Fund is playing an important role in supporting the small businesses which help to underpin the North East economy.

“I’m delighted to say that we’ve now helped 250 businesses and look forward to helping many more in the coming months.”

Amanda Hennessy, director of Professional Payroll & Accounts Limited, said: “Before applying for the microloan for my own business, I’d use the services of Entrust so I was already aware of the business support and advice that they offer.

“It’s great to have someone to bounce your ideas off and give you an unbiased view and Entrust helped me focus on my business idea and work through all the challenges of setting up.

“Reflecting back over the past year, I’ve managed to achieve my goals and I’m looking forward to the future.”

Dawn Dunn of North East Finance said: “The fact that 250 fledgling businesses have had access to this funding is a really encouraging sign for the region. The Finance for Business Funds support businesses at every stage of their development, and we hope to follow some of these start ups on to their next step of their development”.

Entrust was set up in 1982 to assist businesses in the North East with advice, consultancy and financial support, with a view to improving growth, development and sustainability.

For further information on the organisation and the North East Microloan Fund call 0191 244 4000 or visit www.entrust.co.uk

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This was posted in Bdaily's Members' News section by Harvey and Hugo .