BD 08/07 - 24 August 2007

Budding businesses in Barking & Dagenham can now apply for loans of up to £10,000 to start up or expand their operations.

Barking & Dagenham Small Business Centre (BDSBC) this week launched its unique Trickle-up Loan Fund aimed at the borough’s budding entrepreneurs.

Deanna Vinton, the Centre’s pre-start business advisor explained: “This is a loan fund with an important difference. We can provide a business with a £1000 loan - or less - to start with and the borrower can draw additional money as needed, in stages up to a maximum of £10,000”.

The fund is designed specifically for individuals who are starting a business in the borough or for businesses which have been trading for up to 18 months.

Said Deanna: "Successful applicants for our ‘trickle-up loans’ must be able to show us that they have a viable business proposal to support the loan, which is normally repayable over three years. Our expert business counselling team can also provide one-to-one help to develop a business idea and give continuing support to the business”.

Since it began operations in the borough at the beginning of this year, more than 150 people have attended BDSBC’s four day business training course and 101 new businesses have begun operations. The new businesses range from property maintenance to graphic design and accountancy to balloon designers.

The staff at the Centre are keen to talk to anyone considering self employment or looking for business information, advice, training and all services are free. Contact BDSBC for more information on: 020 8911 3737; e-mail: bdsbc@bdsbc.org; or visit www.bdsbc.org

Barking & Dagenham Small Business Centre is supported by Barking & Dagenham Enterprises and the Barking & Dagenham Local Enterprise Growth Initiative (LEGI).