NEWS
Financing Birmingham’s future B
irmingham City Council has officially announced the launch
of a new body providing direct access to financial support for small and medium sized enterprises in the city.
Finance Birmingham will build on the council-funded Birmingham Business Loan Fund, which has lent more than £4 million to local businesses over the past 12 months alone.
As well as loans, it is anticipated that the body will also offer further financial products and services as part of a programme of activity being developed by the Council and the newly established Local Enterprise Partnership.
The establishment of Finance Birmingham comes after the city council assumed ownership of Investbx Managed Services.
Cllr Timothy Huxtable, cabinet member for transportation and regeneration, said: “Support for businesses forms a major part of the Local Enterprise Partnership proposals recently approved by government and the formation of Finance Birmingham is a proactive first step towards providing this.
“Investbx had already built many of the relationships and networks among the business community that will be vital for this project to succeed, so it makes sense for us to use the council’s expertise and resources to continue this work under the guise of Finance Birmingham.”
Finance Birmingham will be a wholly owned subsidiary of Birmingham City Council and is intended to be self-sustaining through the interest generated
Nov/Dec 10
on the loans and other support activity.
Sue Summers, chief executive of Finance Birmingham, said: “The city council has recognised the success of the loan fund and is keen to ensure this work continues.
“Businesses are still facing major challenges in accessing finance from traditional sources and
Finance Birmingham will be play an important role in providing the assistance necessary to enable successful companies to continue to grow.
“Through the work Investbx has done through the loan fund and other activity, we are well positioned within the business community to provide support on behalf of the Council.
“These are exciting times and we look forward to working to help small and medium sized enterprises in the city and, in time, within the area covered by the Local Enterprise Partnership.”
In total 16 loans have been awarded through Investbx Managed Services and underwritten by the city council throughout 2010.
pse 11
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68