Portobello Business Centre are delighted to announce a new loan fund for start-up businesses in Kensington and Chelsea.
The Big Cheese Loan Fund sees a new partnership coming together between and Kensington-based “Your Credit Union the Royal Borough of Kensington & Chelsea and Portobello Business Centre.” It is believed to be the first partnership of its kind in the UK and will be providing affordable loans, business advice and support to fledgeling businesses in the Royal Borough.
The scheme is intended to specifically help residents who have not been able to raise start-up finance from traditional sources, such as the banks, which can be difficult, particularly if a person is currently out of work. Newly trading small and micro businesses will also be able to access loans to help them become more sustainable.
The Council is supporting the scheme to help the two organisations work together to widen the offer of finance and business and financial advice to start-ups, newly trading small and micro businesses.
Portobello Business Centre and Kensington-based Your Credit Union and will administer £100,000 in loan guarantee funds on behalf of the Royal Borough, which is specifically for supporting the self-employed and new micro businesses with loans.
Typically, loans will be for a few thousand pounds but could go up to £10,000.
For further information on affordable loans and business support for small businesses contact us at Portobello Business Centre on 020 7460 5050