Small and medium-sized enterprises (SMEs) across Lancashire are defying the economic downturn caused by COVID-19 to progress their business growth plans, with the help of financial support from Access to Finance Lancashire (A2F Lancashire), funded by Lancashire County Council and the European Regional Development Fund.
More than 100 businesses from across the county have sought guidance from A2F Lancashire since the start of lockdown, receiving tailored support to navigate operational challenges in the short term and unlock vital funding for future growth.
A2F Lancashire is now offering a fully-digitised programme for SMEs through a new and dedicated microsite, so that its tailored support can be accessed remotely and securely throughout any new lockdown restrictions. Established in 2009, A2F Lancashire aims to simplify the diverse funding options available to local businesses, to help inform sound financial decision-making.
A2F Lancashire, which is funded via the European Union through the European Regional Development Fund and by Lancashire County Council, offers expert financial support at no cost to eligible businesses.
One of the SMEs to have benefited from the support of A2F Lancashire is Chorley’s Fresh Perspective Resourcing. The recruitment agency was seeking a loan to help it to diversify and grow its business, emerging stronger after COVID-19 restrictions.
Founded by sisters Emily and Laura Leyland, FP Resourcing became aware of A2F Lancashire after taking part in Lancashire County Council’s ‘Two Zero’ scale-up programme for female entrepreneurs. They decided to make use of the diverse support available to help shift their focus onto sectors that were still thriving during lockdown, as well as offering virtual training for businesses and candidates.
The A2F Lancashire team helped FP Resourcing develop their application package for Coronavirus Business Interruption Loan Scheme (CBILS) funding, resulting in receiving £35,000 from GC Business Finance which meant they could avoid furloughing staff.
Laura Leyland, Founder and Managing Director of FP Resourcing said: “The loan has allowed us to continue the work we do and knowing we have the loan feels like a safety net in these troubling times. The process was really simple, and the teams at Lancashire County Council and GC Business Finance were extremely helpful in delivering the loan efficiently and providing sound advice.”
Since its launch in 2009, A2F Lancashire has helped 262 businesses to access funding totalling £40m. Their dedicated finance specialists have expert knowledge of both public and private sector funding channels, helping local businesses to identify the most relevant sources of funding and assisting in discussions with potential investors.
Mark Gibbons, Programme lead, Access to Finance Lancashire said: “Businesses all around the world have been hit hard by the impacts of COVID-19, so it’s immensely encouraging to see so many Lancashire SMEs not only surviving but thriving through access to the right support. Access to Finance Lancashire has already supported 108 businesses across the county since the start of the COVID-19 pandemic, including 36 businesses in applying for COVID-19 funding.
“Local businesses like FP Resourcing have shown exactly what can be achieved with the right support, strengthening their operation in the short term while keeping their growth plans on track for the future with a better understanding of all available funding options.”
County Councillor Michael Green, Cabinet Member for Economic Development, Environment and Planning, Lancashire County Council, said: “Maintaining the growth trajectory of local businesses will be absolutely vital in the success of Lancashire’s economy. Lancashire County Council is keeping its commitment to provide the right level of support and advice to businesses across the county, throughout and beyond the current pandemic.
“The popularity and success of Access to Finance Lancashire demonstrates that businesses in this county have real potential for growth even in the midst of a global pandemic, with the right kind of funding to meet their ongoing needs. I would encourage any Lancashire businesses with questions or concerns about finance to access this pivotal support.”
To find out more about Access to Finance Lancashire and the support on offer to help your business grow, visit the dedicated website at: https://a2flancashire.growthco.uk/.
Access to Finance is a partner of Boost; Lancashire’s Business Growth Hub. Boost is backed by the ERDF, led by the Lancashire LEP and Lancashire County Council and its purpose is to help Lancashire businesses grow. Businesses can find out more about the fully-funded programmes and support on offer by calling Boost on 0800 488 0057.
