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This new special loan fund has been set up as part of the Alliance for Enterprise Local Enterprise Growth Initiative (LEGI) and is aimed at businesses previously unsuccessful in gaining finance from other sources, such as banks and building societies.

The £84,000 loan fund was established by the Alliance for Enterprise and Derbyloans. The loan fund is targeted at both existing local businesses and start-up businesses formed by residents of Ashfield, Bolsover, and Mansfield districts.

Working in partnership with the Alliance for Enterprise is Derbyloans, which is matching £42,000 of Alliance for Enterprise cash with its own funding. Those applying for a loan will be given an Alliance for Enterprise Business Advisor, who will guide them through the loan application process and ensure that they have solid plans for the use of this funding.

The business advisers will be there to provide individualised guidance before, during and after the loan is agreed. A key function of linking the loans with support from the Business Advisors is making sure that the business continues to grow and is not abandoned once given the finance.

The Chief Executive of Derbyloans Andrew Baker said:

“Derbyloans is pleased to be working with the Alliance for Enterprise and we feel that tying the business support with the loan is key to giving new businesses the best possible prospects. Businesses don’t stop needing advice when they start – they just need advice on different subjects.”

Anyone interested in finding out more about the Alliance for Enterprise Loan fund can contact the Programme Management Team on 01623 457158. Information is also available from Gen Doran at Derbyloans 01332 365550.

ENDS

For further information please contact Maureen Eastgate on 01623 457401

Notes to the Editor

1. The Local Enterprise Growth Initiative (LEGI) is a national initiative run by the Office of the Deputy Prime Minister. It will provide financial support to partnership projects specifically targeted at encouraging enterprise within deprived parts of the country. The first of three annual bidding rounds for the fund, totalling £300million, was subject to a competitive bidding process. The 88 local authorities nationwide that had been previously nominated as Neighbourhood Renewal Funded (NRF) areas were invited to bid.
2. Due to the common local economic context, the districts of Ashfield, Bolsover and Mansfield submitted a collaborative bid. The bid resulted from extensive research of local evidence and consultation involving, among others, two county councils, three district councils, three Local Strategic Partnerships, two Sub Regional Strategic Partnerships, representatives from local businesses, education and the deprived neighbourhoods
3. Following a regional and national selection process the bid was one of ten successful submissions announced in March 2006. The ‘Alliance for Enterprise’ programme has been awarded £3.8 million for the first three years of a six year project and is expected to receive the balance of £3.4 million to fund the remainder of the programme following a successful mid term review at the end of the third year.
4. Consistent with the objectives of LEGI, the ‘Alliance for Enterprise’ programme aims to encourage and support the growth of enterprise within the 3 districts to specifically assist the economies of the identified deprived target areas. The programme is split into five integrated workstreams:
   • Enterprise Academy – Will bring together businesses and schools to equip young people with the knowledge and skills that they will need to be more enterprising.
   • Small Business/Social Enterprise Support – Will provide targeted outreach support and financial assistance to small businesses and social enterprises.
   • Business Realm and Property Ladder – Will ensure that businesses have a safe/secure and attractive environment to create the right conditions for investment and also a range of suitable accommodation to allow businesses to grow.
   • Public Procurement and Local Supply Chain Network – Will ensure that local businesses are prepared and able to bid for local public sector contracts. It will also help businesses and the public sector to identify local opportunities to source and sell goods and services.
   • Making the Connection – Will ensure that employment opportunities, whether ‘home grown’ or through inward investment, are made available to the residents of the deprived areas and that potential employees within these areas are given appropriate skills.