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Joint Fund Gives Derwentside Homes Enterprise Fund
Two of Derwentside’s leading organisations have launched a joint initiative to help local people struggling, in the current economic downturn, to find the finance they need to start a small business.
A new ‘easy access’ loan fund has been set up by Derwentside Enterprise, the agency that has been at the forefront of Derwentside’s recovery since the steelworks closure, and Derwentside Homes, the housing association that owns and manages around 7000 properties.
The Derwentside Homes Enterprise Fund is starting with an initial £50,000 to provide the vital smaller loans that entrepreneurs and small businesses traditionally find difficult to access but are currently even more elusive. It is hoped that backing from the Fund will also help to kick-start additional funding from other sources.
“Derwentside has built a reputation for enterprise and is home to businesses that have started small and gone on to great things such as Derwent Valley Foods, CAV Aerospace and International Cuisine,” said Steve Armstrong, Director of Derwentside Enterprise. “We believe there are people out there with the ideas and the ability to get a business off the ground but, currently, are finding it almost impossible to find the finance they need from a bank or other lender.
“With the move to a single unitary local authority and support organisations such as Business Link now regionally-based there are concerns that areas like Derwentside could be neglected so it is important that we generate initiatives to help ourselves. It is exciting to see new partners like Derwentside Homes becoming involved in the enterprise agenda,” he added.
Keith Tallintire, Director of Finance and Corporate Services for Derwentside Homes, said: “We are totally committed to Derwentside and its future and it is part of our remit to support and invest in the communities where we work. We hope that, by combining our skills and knowledge of Derwentside with the Agency’s expertise in business support, we can make a real contribution to the creation of new businesses and jobs.”
Anyone can apply for a loan from the Fund but it is hoped that a number of Derwentside Homes’ tenants and family members will be amongst those who see this as an ideal opportunity to realise their business ambitions.
“It is difficult to say how many people might come forward,” said Keith Talliintire, “but we would be only too delighted if the Fund became a runaway success.”
Information about the Derwentside Homes Enterprise Fund is available from Derwentside Enterprise Agency on 01207 580011 or www.derwentsideenterprise.co.uk