The Rural Lancashire Development Fund is loan finance of amounts between 2,000 and 10,000 with repayment reductions offered for those that reach agreed targets.

Lancashire County Councillor Tim Ashton, cabinet member for economic development, said: “This is a loan fund that offers additional benefits to businesses who agree in advance certain targets.

“For example if a business states they want to borrow the money to expand their business which will mean taking on an additional two employees and they reach this target then they could get a reduction in their repayments by up to 50 percent.

“The fund is just one of many projects put in place by the authority to help business both urban and rural start or grow a business. This help is vital during these difficult economic conditions and Lancashire County Council is putting in place with its public and private sector partners as much help, advice and support as possible.”

Individuals or organisations wishing to start or expand a business which shows the potential for high growth and which are located in or benefitting the rural administrative areas of Lancashire County Council are eligible to apply.

Companies wishing to apply should be an existing limited company or seeking registration.

The fund is administered by Lancashire County Council through its economic development company Lancashire County Developments (Investments) Limited with business support and advice supplied by Moore and Smalley. To apply contact the LCC’s Rural Business Support Team on (01772) 536600, email lcdl.rural@lancashire.gov.uk or visit www.lancashire.gov.uk

Pictured is County Councillor Tim Ashton, Cabinet Member for Economic Development.