A new initiative pledging £3 million to help fuel economic growth in the region was officially launched on 2 June 2008.

Unveiled by the East Midlands Development Agency (emda), Enterprise Loans East Midlands is a new source of funding for business start ups and existing companies that have been turned away by conventional High Street lenders. Loans of between £3,000 and £20,000 will be offered.

The focus will be on supporting businesses owned and started by young people, women, ethnic minorities and people with disabilities. To qualify for funding from Enterprise Loans East Midlands applicants, whether a new or existing business, must have developed a business plan, approached a bank and been declined, and been referred by a business adviser such as Business Link.

Lending decisions will be made on a commercial basis, with loans being repaid over one to five years at a fixed rate: 5% above base rate and at a minimum of 10.25%.

Entrepreneurs requiring further information about Enterprise Loans East Midlands can either visit www.enterpriseloanseastmidlands.co.uk or T: 0845 602 7355.