Interest-free loans to help Staffordshire businesses looking to grow

Interest-free loans to help Staffordshire businesses looking to grow

Businesses in Staffordshire and Stoke-on-Trent looking to expand and create new jobs could be eligible for interest-free loans to support their plans.

The Stoke-on-Trent and Staffordshire Local Enterprise Partnership’s (LEP) new £11m Growing Places Fund has been launched to help boost the local economy.

Firms considering buying or constructing new buildings, refurbishing their premises, or introducing environmental improvements are being invited to apply.

The fund is designed to boost economic activity in Stoke-on-Trent and Staffordshire by promoting the creation of jobs and housing and addressing infrastructure and site constraints.

Eric Henderson, Growing Places programme manager, said: “The Growing Places Fund is a great scheme that has the potential to make a real impact on jobs and growth in Stoke and Staffordshire.

“We urge any firms planning to expand who think they could be eligible for support to check out the details on the LEP’s website and contact us if they would like further information.”

Firms are eligible for loans if they are planning a scheme worth £200,000 or more and can repay the money within four years of their project being completed.

Successful projects will need to demonstrate that they will generate economic growth in a short space of time with the right infrastructure in place.

The latest bidding round for Growing Places Fund loans closes on 22 April.