Debts & Loans

HELP is at hand for small businesses struggling in the current economic climate.

Rugby Borough Council has passed a proposal which will see a General Fund budget of 7,000 pounds established, with the aim of providing small businesses with financial help, including debt advice.

The budget will be funded from the Local Authority Business Growth Incentive (LABGI) and along with other services, will be run for a two month trial period.

The council report states: "The present economic climate is causing wide-ranging difficulties to a number of sectors of the economy. None more so than small to medium sized enterprises. This appears to be one of the most difficult trading periods for business in recent history and could lead to an extended period of business instability."



Part of the proposal is to offer the assistance of a professional debt solicitor and an accountant who would give one to one advice to small businesses struggling with debt management.



The range of services that are already available from the council includes small business rates relief, which is a Government initiative offered to companies whose business rates are £10,000 or less, and the council is actively encouraging small businesses to bid for Rugby Borough Council contracts.

It is hoped that the different economic aids will help to give financial stability where it is most needed.