THE LIFELINE FUND - BASINGSTOKE’S NEW INITIATIVE TO HELP SMALL BUSINESSES SURVIVE THE RECESSION

25 March 2010

An entirely new initiative to help small businesses through the economic downturn is being launched by Basingstoke and Deane Borough Council, in partnership with 3EN Ventures at the Be Inspired conference in Basingstoke on Thursday 1 October.

The new 3EN Lifeline Fund will offer relatively small amounts of money to businesses where funding is not available from other sources, and loans will be offered on a matched pound-for-pound basis.

The fund will be open to all businesses with short-term acute funding needs and will offer both affordable rates of interest and realistic repayment periods.

Those businesses successful in achieving suppor through the scheme will potentially be able receive the money they require within a target of 28 days, in turn supporting greater local job security and creation.

Businesses requiring financial support will be able to log onto the dedicated website, available from 1 October, and fill in a simple and understandable online application form.

Due to the nature of the fund, there will be a requirement to pay a £25 one-off non-refundable fee to cover costs of administering fund applications.

Leader of Basingstoke and Deane Borough Council Cllr Andrew Finney said: “This is the first fund of its type in the borough. Setting up the 3EN Lifeline Fund is just one of the ways the council is proving its commitment to supporting businesses working across the borough.

“These are difficult times for many businesses and we don’t want to see good businesses failing due to having difficulties with accesses relatively small amounts of money as that is not good for our long-term prosperity.

“I hope that we’re able to help lots of small businesses to continue to survive and grow to help Basingstoke and Deane come out of the recession even stronger than before.”

3en Fund Manager Nick Sharpe added “we are open for business and keen to meet sustainable businesses that are struggling with working capital; where we believe there is a real case for support – and matched funding can be achieved from third parties – we’d like to meet”