Councils launch loan for Staffordshire SMEs looking to scale up
Staffordshire County Council and Stoke-on-Trent City Council have joined forces to launch a new interest-free loan designed to help businesses invest in key improvements.
The two councils have collaborated to produce Scale Up Staffordshire, an interest-free loan for businesses across both the county and city, that aims to drive growth.
The programme provides businesses that have been operating for three years or more, with the chance to borrow up to £100,000 interest-free for investment in site development, energy efficiency upgrades, equipment purchases and productivity-boosting improvements.
Simon Talbot, director at Kazoo PSG Ltd, successfully applied for a loan in order to invest in a new UV LED Hybrid Printer. He said: “The loan application process was very smooth and no issues at all; the initial loan process call and advice along the way made it stress free.
“If it weren’t for the loan we would have had to wait 12 months to implement this project.
‘Now, the quality of service we can offer to our clients will improve and production times will shorten, allowing Kazoo PSG Ltd to win new business and increase turnover.”
Available to SMEs that are based in Staffordshire and Stoke-on-Trent, or looking to re-locate into the areas, Scale-Up Staffordshire offers businesses the chance to fund up to 80 per cent of a capital investment, with a payback period of two to four years and no administration fee.
Martin Murray, leader of Staffordshire County Council, said: "Kazoo's success shows exactly what the Scale Up Staffordshire Loan Programme is designed to achieve – helping ambitious businesses invest in the equipment and technology they need to grow.
"By doubling its production, reducing running costs, winning new contracts and looking at creating two new jobs, Kazoo is already seeing the benefits of its investment.
"We want to help more Staffordshire and Stoke-on-Trent businesses unlock their potential, improve productivity and create new opportunities for growth.
“I hope other eligible businesses will be inspired by Simon's experience and find out how the programme could support their own plans."
Eligible businesses must be based in or relocating to Staffordshire or Stoke-on-Trent, be an SME that has been trading for three or more years and does not receive public funding to operate.
Councillor Jane Ashworth, leader of Stoke-on-Trent City Council, said: “Investment is often key to growth and for ambitious SMEs an interest-free loan can purchase or upgrade equipment, develop a site or provide capital project improvements that help increase capacity, boost productivity and reduce costs.
“Working with Staffordshire County Council to provide Scale Up Staffordshire for SMEs across Stoke-on-Trent and the county ensures we can support the local economy as a whole and support our businesses as they look to step up to the next level or invest in vital equipment.”
SMEs across Staffordshire and Stoke-on-Trent can express their interest in the loan by emailing [email protected].