A £300,000 package of loan funding to support local businesses and job creation in East Lothian has been agreed by Elected Members.
East Lothian Investments Ltd (ELI), a not for profit arm’s length company of East Lothian Council, is to be offered an additional three-year loan facility to a maximum value of £300,000.
Since 2008 ELI - which aims to develop, grow and modernise the local economy - has:
- Awarded 321 loans with a value of more than £2.8 million
- Created 815 jobs and protected a further 1,500 roles
- Levered in private sector of funds of almost £16.5 million
ELI will be able to provide further loans of up to £10,000 to businesses in the county. Awards will be made on the basis of applications submitted and due diligence for each and will supplement the funds of ELI.
Depute Council Leader Norman Hampshire said:
“With a fast growing population, it’s essential that we take actions to support a thriving and dynamic local economy.
“Since 2008, ELI has had considerable success in providing loans which have helped create or protect over 2,000 jobs.
“We’re very keen to build on this, helping firms locally to develop their products and services. Doing so has wider benefits for the local economy, providing choice and high-quality, retaining spend in the area and contributing to the vibrancy of our town centres and communities.
“Providing a further loan facility to ELI Lothian Investments Ltd supports two major strategic goals in our Economic Development Strategy - to increase the number of businesses in East Lothian with growth potential and to increase the proportion of East Lothian residents working in and contributing to East Lothian’s economy. I look forward to hearing of more success stories in the months and years ahead.”
East Lothian Investments Ltd (ELI) is a limited company by guarantee with no share capital. It is a not for profit organisation which offers interest free loans of up to £10,000 currently to businesses within East Lothian. It is authorised and regulated by the Financial Conduct Authority (FCA).
The loan fund is open to all sectors and businesses to apply.
ELI is an arm’s length company of East Lothian Council and the fund is managed by employees of the council but governed by a Board of Directors. The board of directors comprises of two East Lothian Councillors and three private sector business people who provide their time free of charge to the company.
It is promoted along with other sources of commercial funding by ELC business advisers delivering the Scottish Government Business Gateway start up and growth contract. Advice and support is given by the Business Gateway advisers.