County could get financial boost

Norfolk county councillors could give people and businesses in Norfolk more than £500,000 if they approve plans.

Norfolk County Council said they want to address the economic downturn by offering two packages of support.

One would make a £400,000 long-term loan to Foundation East, an organisation which helps businesses grow, in turn creating jobs.

The other would see a £150,000 grant set up a Credit Union Current Account. Councillors will vote next Monday.

Supporting businesses

Members of the county council's cabinet are recommended to approve the two packages.

The report recommends £150,000 of funding be made available from the county council's strategic ambitions fund.

The £400,000 loan to Foundation East would be taken from the county council's cash reserves.

Foundation East has been providing financial loans to businesses in Norfolk and Suffolk since 2004 and seeks out public and private sector investors who wish to contribute to and expand their loan fund.

Foundation East would support new and established businesses in Norfolk with loans ranging from £3,000 to £50,000.