£100m fund to boost Blackpool businesses

By Lancashire Business View

10 Feb 2017

A £100m funding pot is set to help local businesses grow and expand, following extra investment by Blackpool Council.

The Blackpool Loan Fund aims to invest in local businesses to help with specific growth projects, and will replace the current Blackpool Investment Fund, which has already supported a dozen companies to expand across the town.

Now, a proposal to the Council’s Executive is recommending expanding the Loan Fund to offer up to £100m worth of loans in the forthcoming years, in a bid to support even more businesses and create more jobs for local people.

Cllr Simon Blackburn, leader of Blackpool Council, said: “Over the past six years, we have had to cut over £118m out of our budget. Those savings, along with potential changes to business rate retention, mean that the only way that we can continue to protect the services that people value is to stop relying on central government grants and start growing our own income.

“The best way of doing that is to invest in Blackpool – in our businesses and in our people. As a council, we have the ability to borrow money at a lower interest rate than others, which can then be lent out to support companies to build, grow and hire.

“Each of the loans will be rigorously assessed, with businesses double-checked to ensure that the money and interest can be repaid, but our approach from the outset is that by investing and believing in our local companies we can create growth in our local economy, getting more local people back into work and making Blackpool a more economically prosperous town.

“These loans will not only help companies to expand, but the repayments will help support our own budget and maintain our services. This investment is absolutely crucial to create jobs, to boost visitor numbers, boost the local economy, and secure income for future generations.”

Over the last few years, 12 companies have benefited from the Investment Fund, through a combination of loans and grants worth £1.1m, creating or safeguarding over 380 local jobs.

One such company is Bispham-based Laila’s Fine Foods which has accessed two commercial loans to aid its growth. Nazir Remtulla, joint managing director, said: “Laila’s Fine Foods growth plans have been supported by Blackpool Council for a number of years now through commercial loans and brokerage to available business support and capital grants. This has enabled us to invest, expand and create local jobs.

“Most recently we have been aided in our expansion plans in Bispham which has seen our factory expand to over 90,000sqft, increase turnover to £36m and employ 320 local people.”

The Business Loan Fund is available for any businesses based in the locality or looking to relocate, with a project that will generate growth leading to new jobs, with final decisions made by a Blackpool Council panel. Loans can be used towards overall investment proposals, property improvement or expansion, essential machinery and equipment or associated infrastructure, which are offered at commercial rates with an individually-negotiated repayment plan.

Latest news

1

Fulfilmentcrowd makes double senior hires Katie Shepherd L And Rachel Miller R

Fulfilmentcrowd makes double senior hires

19 Apr 2024

2

Forbes makes Manchester move Forbes Manchester

Forbes makes Manchester move

15 Apr 2024

3

Blackpool approves plans for pair of apartment complexes New South Promenade Apartments Visuals

Blackpool approves plans for pair of apartment complexes

12 Apr 2024

4

Distinguished engineer takes senior role at Lancaster University Rebecca Lingwood

Distinguished engineer takes senior role at Lancaster University

11 Apr 2024

5

International building supplies firm to open new plant in Preston New Kerakoll Group Premises Visuals

International building supplies firm to open new plant in Preston

11 Apr 2024

Hwc 2024 Email Signature 980x120
Background image for hub sign up block

LBV Hub

Reach 50,000 members of the Lancashire business community

Post your news
Post your events
Post your offers
Company profile
Social reach
Magazine coverage
Sign-up
Events
Health and Wellbeing Conference 2024
Hwc 2024 Social Media 1200px 1
Networking
23 Apr 2024

Health and Wellbeing Conference 2024

Crow Wood Hotel, Burnley , BB12 0RT

08:30 - 13:00

Help to Grow Management Course
HTG2.png.png
LBV Hub Seminars
15 Apr 2024 - 17 Jul 2024

Help to Grow Management Course

Preston Campus , Preston , PR1 2HE

09:30 - 14:00

St Catherine’s Corporate Skydive
Corporate SkyDive.jpg.jpg
LBV Hub Fundraisers
21 Apr 2024

St Catherine’s Corporate Skydive

Black Knights Parachute Centre, Lancaster, LA2 0YD

12:00 - 16:30

Business Networking in Chorley - BNI Endeavour
EVENT LISTING SIZING Endeavour.png.png
LBV Hub Networking
23 Apr 2024

Business Networking in Chorley - BNI Endeavour

Oak Royal, Bury Lane, Chorley, PR6 8SW

06:30 - 08:30

HR Complete Training Programme: Equality and Diversity
Picture1.png.png
LBV Hub Webinar
23 Apr 2024

HR Complete Training Programme: Equality and Diversity

Online (Zoom)

09:30 - 11:00

Business Networking in Blackburn - BNI Vista
EVENT LISTING SIZING Vista.png.png
LBV Hub Networking
23 Apr 2024

Business Networking in Blackburn - BNI Vista

Hampton by Hilton, 2 Frontier Ave, Blackburn, BB1 3AL

06:45 - 08:30

Emergency First Aid at Work
Chamber Logo1.png.png
LBV Hub Seminars
23 Apr 2024

Emergency First Aid at Work

FGH Training, 3rd Floor, Storey House, White Cross Business Park, Lancaster, LA1 4XQ

09:00 - 16:00

Business Networking in Lancaster - Eden Business Network
EVENT LISTING Eden Business Network.png.png
LBV Hub Networking
24 Apr 2024

Business Networking in Lancaster - Eden Business Network

The Borough, 3 Dalton Square, Lancaster, LA1 1PP

18:30 - 20:30

Business Networking in Preston - BNI Diamond
EVENT LISTING BNI Diamond.png.png
LBV Hub Networking
24 Apr 2024

Business Networking in Preston - BNI Diamond

The Marriot Hotel, Garstang Road, Broughton, PR3 5JB

07:15 - 09:00

30 Minutes: Net Zero Introduction for Blackpool Businesses - Free online event
BU 2024 Events.jpg.jpg
LBV Hub Webinar
24 Apr 2024 - 24 Apr 2024

30 Minutes: Net Zero Introduction for Blackpool Businesses - Free online event

Online, Blackpool , FY4 1EW

10:00 - 10:30

Your Business Bootcamp Bitesize: "Roger That… The Importance of Asking Twice"
CBP-logo LBV.png.png
LBV Hub Webinar
24 Apr 2024 - 24 Apr 2024

Your Business Bootcamp Bitesize: "Roger That… The Importance of Asking Twice"

Online, Online, Online

08:00 - 09:30

Business Networking in Accrington - BNI Zeus
EVENT LISTING SIZING Zeus.png.png
LBV Hub Networking
24 Apr 2024

Business Networking in Accrington - BNI Zeus

The Mill House, Corn Mill Yard, Accrington, BB5 5HX

06:45 - 08:30

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more Lbv115 Online Graphic
Subscribe now

Weekly news bulletin