The Creative Quarter Loan Fund has been running since April 2013 and has, so far, helped 42 businesses lending nearly £1 million. It is now increasing to offer businesses up to £1.3 million in loan funding to support the growth of the Creative Quarter and attract more businesses to the city.
Cllr Nick McDonald, portfolio holder for business, growth and transport at Nottingham City Council, said: “Attracting innovative, fresh and creative businesses to set up in Nottingham is vital to its economic prosperity.
“I’m very pleased that further funding is now available for individuals who otherwise would not be able to realise their business goals and set up in the vibrant Creative Quarter or in some cases remain in business in Nottingham.”
Businesses that have been helped by the fund to date include entertainment software company Lockwood Publishing, wedding boutique DressPlace, nkd Waxing Salon and many others.
The fund launched with the aim of creating, growing, sustaining and supporting creative enterprise, people and places – within Nottingham’s Creative Quarter – encompassing the historic Lace Market Conservation Area and Hockley, as well as BioCity and Sneinton Market.
The loan fund is part managed by First Enterprise, a not for profit organisation, which provides business support and funding to businesses across the East Midlands.
Neil Millington, loan fund manager at First Enterprise, said: “Small, entrepreneurial businesses are vital to the city but often find it difficult to obtain capital through traditional means. This is why we are so passionate about the work we do and teaming up with the City Council is a massive boost to the number of businesses we are able to support.
“We offer a number of loans from start-up and SME businesses to existing companies in need of extra support for growth so I would encourage any creative entrepreneurs looking for funding to get in touch.”