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Essex CC has joined up with a global banking chain, in a bid to enable small firms to access loans. Essex and Abbey Corporate Banking have launched £30m of new liquidity in loans and overdrafts to viable local businesses through the creation of dedicated credit facilities. The bank will provide the credit and process capability to the partnership, together with a full banking infrastructure. Many small firms have been crippled by a lack of cashflow, because access to borrowing has been frozen. Loans and overdrafts of up to £100,000 will be available for eligible Essex businesses employing less than 250 people, with a turnover of less than £25m, and which have been trading for at least 12 months. Businesses will be able to apply through the website www.bankingonessex.com Lord Hanningfield, leader of Essex CC, said: ‘This is one of the most fundamental changes in how either our financial or governance systems operate and represents a huge shift from an over-centralised model back to a local system, responsive to the needs of local businesses and their communities. ‘The bedrock of the Essex economy, like much of the UK, is made up of small businesses, which have been struggling in recent months to secure funding through normal lenders. ‘This scheme will fill that gap, directly benefiting those companies, and providing them with much-needed support during the downturn. Shaun Kelly, head of business development at Abbey Corporate Banking said: ‘This innovative agreement with Essex CC is a strong signal from one of the strongest and best capitalised banks in the world that we are open for business and keen to support the SME sector in the United Kingdom.'

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BUSINESS

Essex banks on aid for small business

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