Boost to help businesses secure loans
BUSINESSES in East Sussex could find it easier to access loans thanks to an innovative multi-million pound partnership between East Sussex County Council and NatWest.
The county council has agreed to deposit an additional 20 million pounds of its normal cash flow in NatWest to enable the bank to boost lending opportunities for local businesses as the County starts to climb out of recession.
The additional deposit will be subject to the same security as the council's other existing deposits with NatWest and other banks but it enables the bank to increase the amount of money available specifically for lending to East Sussex firms.
Council leader Peter Jones says the decision is a "win-win" as it does not expose the council and its taxpayers to any additional risk but is another action that the county council is taking to help local firms to battle through the current hard economic times.
"This is a fantastic scheme that could potentially help many of our firms and help to boost the local economy," said Councillor Jones.
"It is also a great example of the county council working with one of its own partners, in this case its own banker, to assist the local community.
"The scheme is a winner not only for businesses but also for the council and local taxpayers. I hope this extra funding will help many East Sussex businesses to access funds that could help them through their current economic difficulties.
And because this money is part of our normal cash deposits, and subject to our normal bank security requirements, there is no additional risk to the council or the council taxpayers."
Businesses interested in finding more information about the project should contact Robert Clare, Regional Director of Business and Commercial Banking at NatWest on 07713 988440.
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Weather for Bexhill-on-Sea
Tuesday 14 February 2012
Today
Cloudy
Temperature: 4 C to 8 C
Wind Speed: 17 mph
Wind direction: North
Tomorrow
Sunny spells
Temperature: 3 C to 9 C
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Wind direction: North west
