Help at Hand for Merton Business
Merton Council has set up a loan fund for business in the borough. The fund is to help finance projects involving new ventures and business growth within the local economy.
The loans are designed to complement and top up existing commercial sources of finance to ensure that good business ideas do not fail for lack of financial support.
Businesses located in Merton and employing fewer than 50 employees and those proposing to establish new ventures in the borough can borrow £1,000 to £25,000. At present priority is given to start up businesses.
The loan should be no more than 50% of the tangible capital costs. The amount of the loan from the council must be matched by a loan from a commercial bank or other lending institution, or by the applicant.
The loan must be used to cover capital costs only. These include the cost of:
· plant and equipment
· initial advertising and promotion
· initial training
· premises renovation and improvement
· rent deposit
Sue Tanton, Manager of Merton’s Business and Environmental Partnership Unit, said: “We are offering these loans because we want to develop strong businesses in Merton. Merton has been performing really well in terms of inward investment and business retention compared with neighbouring boroughs and we hope that these loans will help further. We encourage all sections of the community apply.”
The loan amount will depend on the eligibility, amount of capital required, length of time in business, and is at the final discretion of the London Borough of Merton. Loans are subject to status, terms and conditions apply.
Or phone 020 8545 3893 for more information