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New loan fund launched

Small and medium sized companies across Cumbria, North Lancashire and the North East can now apply for loans to invest in their business growth, thanks to Enterprise Answers.

The funding has become available through the recycling of the Regional Growth Fund (RGF) money from the government which has already been repaid by the region’s businesses.

Part of a national scheme managed by Responsible Finance, the Enterprise Answers loan fund has been made possible in the north region with the support of Unity Trust Bank and the Co-operative Bank. Growing businesses which have a funding gap can apply for loans of between £10,000 and £100,000.

During its first round of investment, the fund lent £1.8m to 50 businesses across our region helping to create and protect over 311 jobs.

Carlisle based micro-brewery, Carlisle Brewing Company, were able to relocate their brewery to new premises on Kingstown, thanks to a loan from Enterprise Answers from the first round of RGF finance. The brewery was in need of new premises and equipment to meet the growing demand for its popular range of beers, which previously had been brewed at and for The Spinners Arms at Cummersdale, which is also run by the brewery owners, Alain and Alison Davis.

Since the relocation of the brewery, the business has seen a positive growth in turnover as they strive to meet the weekly demand for their beer, available in both barrels and bottles.

“Without this finance from Enterprise Answers, we would not have been able to realise our vision for the growth of the brewery and to tap into Alain’s potential for creating the wonderful range of beers we have available today” says business owner, Alison Davis.

Enterprise Answers Chief Executive, Grahame Latus says “This fund has already helped a lot of small and medium sized businesses to grow, so we are really pleased to be able to support even more businesses across our region with these recycled funds”.

“We’re encouraging growing businesses who need funding, but who are unable to access sufficient support from their bank, to get in touch”.