MBIF TO END

Government funding for the Merton Business Investment Fund (MBIF) comes to an end on 31st March 2002. This will be a great loss to Merton as the fund has been helping finance existing and new local businesses since 1998.

The fund which has been ‘topping up’ existing loans from banks and private funds since November 1998 has helped 18 local businesses ranging from day nurseries to food processing to photography. The loan amounts range from £1,000 to £25,000, have an interest rate of 1% above the Bank of England base rate and are repayable over a period of up to four years.

Loans are still available for new or existing businesses, application forms are available from the address below or can be downloaded from our website http://www.merton.gov.uk.

The Business and Environmental Partnerships Unit are currently exploring ways of carrying on the work of the fund when central Government funding ends in March next year.

For further information and an application pack, please contact:

Freda Owusu, Loan Fund Manager
Business and Environmental Partnerships Unit
Merton Civic Centre
London Road
Morden
SM4 5DX
Tel: 020 8545 3893

Ends

PRESS CONTACT – Kirstin Rowan