What is the rural lancashire development fund?

A scheme operated by Lancashire County Council's economic development department to support high growth business activity in rural areas of the County.

Finance is available for capital and revenue activity through an unsecured loan of up to £10,000 available at competitive rates of interest.

Through the achievement of agreed targets outlined below, the terms of the loan agreement enable a 50% reduction in the total amount repayable by the business.

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Am I eligible for support?

To qualify for support applicants must be registered, or in the process of registering, as a limited company and seeking to achieve one or more of the scheme's targets:

• Job creation and safeguarding of existing jobs
• Creation of new high growth rural businesses
• Assisting established businesses with high growth potential to expand
• A better skilled workforce through vocational training activity
• New and renovated buildings for employment purposes
• Increased business productivity and profitability

The map below shows which areas of the County are eligible to access funding (highlighted in green)

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Duration of the scheme?

Applications to the scheme are invited between 1 December 2009 and 30 November 2011, subject to the availability of funds.

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How much can I apply for?

Applications for £2,000 up to £10,000 of loan support are invited. Our loans incorporate a 2.5% arrangement fee and are typically arranged over a period of 2 to 5 years.

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How long until a decision is reached?

Depending on the timing of submission of the initial enquiry and complexity of the proposal, a decision on funding may take up to 12 weeks.

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Who can apply?

Individuals seeking to start a new high growth business or existing organisations with high growth potential located in and benefiting the rural administrative areas of Lancashire County Council.

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How do I apply?

In the first instance all that is required is the completion of an Initial Proposal Form, available through our website or on request from the Rural Business Support Team on 01772 536600 or lcdl.rural@lancashire.gov.uk.

If this is approved, the next step will be to complete a business plan. Assistance can be provided through our specialist advisors who will help you to develop your business idea.

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When should I apply?

An Initial Proposal may be submitted at any time, with the following deadlines for appraisal by the Rural Business Support Team:-

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