EnterpriseLoans East Midlands, the new loan fund to help entrepreneurs across the region raise finance for new and existing ventures, has reached a landmark milestone just two months after launching.

Fund managers, First Enterprise Business Agency (FEBA), has recorded its 100th  enquiry from individuals interested in raising finance for a new venture or expanding their current business operations.

Established by the East Midlands Development Agency (emda), EnterpriseLoans East Midlands aims to help 1,000 businesses over the next ten years, by offering loans of between £3,000 and £20,000 to individuals who cannot access mainstream funding from high street lenders.

“EnterpriseLoans East Midlands was launched to referral agencies, such as Business Link and business advisers in June. Given the current economic climate the initiative was very well received and we’re now seeing a steady flow of enquiries coming in from people who have been unable to raise funds from banks, building societies and other such institutions,” says Quamar Zaman, Chief Executive of FEBA. “We’ve sent out over 100 information packs and are looking forward to seeing these people apply and develop their plans for presentation at one of our panel meetings.”

Funding via EnterpriseLoans East Midlands requires people to have developed a business plan, approached a bank and been declined, and be referred to FEBA by a business advisory organisation such as Business Link.

Following submission of an application form, entrepreneurs are asked to deliver a presentation to an Enterprise Loans East Midlands panel. The six business professionals sitting on the panel will decide whether or not an applicant has been successful.

One business person, who intends to apply, is Sammy Mhaule, Managing Director of fragrance and cosmetic business Ensole Ltd in Spalding. “In order for my firm to grow and succeed, I must buy more stock. I’m applying, in my own name, for £15k from EnterpriseLoans East Midlands which will make the difference between being able to achieve this or not.”

John O’Reilly, emda’s Business Support Director adds: “We have been delighted with the response to this loan fund from entrepreneurs across the East Midlands. We knew that there were many people in the region who couldn’t, for one reason or another, access funding from traditional sources, despite their vision, commitment and viable business propositions. The credit crunch is making it even harder for them to access this funding.”

Existing entrepreneurs or individuals who are thinking of starting up in business and who require further information about EnterpriseLoans East Midlands should telephone 0845 602 7355.