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CEDC helping firms beat lending slump
Published: 2010-04-29 12:15:20
Croydon Economic Development Company (CEDC) has been filling the funding gap left by banks failing to provide cash to businesses during the recession.
(Sourced from this is local London.)
More than £530,000 of loans were approved over the last 12 months following an increase in applications from firms struggling to make ends meet.
Keith Miller, senior fund manager with the CEDC, said although business was beginning to pick up firms were still struggling to get loans from conventional banks and building societies.
He said: “We still get entrepreneurs coming to us, but there been a definite shift towards supporting businesses with their cash flow rather than helping start-ups.
“We’re seeing a great need for trying to help more established businesses, and that’s partly because people have been more aware of our existence.
“But we’ve particularly found the banks haven’t improved their ability to service the requirements of existing clients."
To read the full story click here.