Loans for deprived area ventures

A loan scheme has been set up to provide finance to small businesses and social enterprises in deprived areas across the East of England.

Ventures unable to access high street banking will benefit from a £750,000 fund set up by the East of England Development Agency (EEDA).

The aim is to help social enterprises and businesses in the east to grow.

EEDA believes the scheme will also create jobs and business opportunities in areas of low economic activity.

Foundation East, which specialises in providing community and small business development finance, will run the fund over the next five years.

'Business growth'

Loan repayments will be ploughed back into the scheme, encouraging private commercial investment into the fund.

John Wilkinson, community manager at EEDA, said: "Community development finance forms part of our plans to stimulate new start-ups and business growth.

"The £750,000 investment will mean social enterprises and businesses operating in deprived areas will now have access to loans."