Budding business brains and eager entrepreneurs! A new scheme to support residents who are struggling to borrow start-up funds from mainstream lenders in Kensington and Chelsea is now up and running.

The ‘Big Cheese Loan’, the brainchild of Kensington-based Your Credit Union and Portobello Business Centre, will administer £100,000 in loan guaranteed funds on behalf of the Royal Borough.

The new partnership – believed to be the first of its kind in the UK – will specifically support the self-employed and new micro-businesses with loans. Typically loans will be for a few thousand pounds but could go up to £10,000.

The Royal Borough of Kensington & Chelsea is supporting the scheme to help the two organisations work together and offer finance to start-ups as well as business and financial advice.

The scheme is intended to help residents who have not been able to raise start-up finance from traditional sources, such as banks – which can be difficult, particularly if a person is currently out of work. Newly trading, small and micro businesses will also be able to access loans to help them become more sustainable.

For further information on affordable loans and support for small businesses contact Portobello Business Centre on: 020 7460 5050.

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