Essex businesses benefit from Covid-19 loans

Essex businesses benefit from Covid-19 loans

There is still time for local businesses to access funding from the Essex Coronavirus Business Interruption Local Scheme (CBILS) before the 31 March deadline.

Essex County Council (ECC) has partnered with Let’s Do Business Finance to create a new £1.25million loan fund to help Essex businesses during the current national lockdown.

More than £600,000 remains available for Essex-based businesses to support them to re-open as Covid-19 restrictions are eased over the coming months.

The CBILS scheme offers loans repayable over up to six years with any interest and fees during the first 12-months paid for by the government and additional business mentoring support from ECC via their Back to Business initiative.

Since the scheme launched in 2021, Let’s Do Business Finance has approved four Essex businesses with loans totalling £600,000. These businesses are now eagerly awaiting to re-open.

This boost to the Essex economy has safeguarded 327 jobs and helped to create 30 new jobs. The CBILS has provided a lifeline to these four businesses which had previously struggled to access the financial support they needed from their banks.

Pasini Leisure runs several independent and local hospitality venues across Essex. They have received funding to expand their micro-Brewery, Other Monkeys Brewing, by re-housing the brewery into an iconic building opposite their current Colchester venue, Three Wise Monkeys.

Paul Tonkinson, Director of Pasini, said: “We are incredibly excited to restore the charm of such a rich piece of Colchester’s history and re-imagine the space into a modern craft brewery. Though we have faced one of the most challenging years in our history as a local and independent operator of craft bars and pubs, we remain passionate and excited about the re-opening roadmap ahead and the expansion of Other Monkey Brewing. Let’s Do Business Finance plays a significant part in supporting and enabling us to do that with confidence as we come out of the pandemic.”

Councillor Tony Ball, Essex County Council Cabinet Member for Economic Development, said, “We understand the significant impact Covid-19 has had on businesses in Essex and the CBILS scheme demonstrates our determination to support them during these difficult times.

“We are pleased to see local businesses taking up this scheme and putting the money to effective use by safeguarding and creating jobs for our residents. We would urge those eligible and in need of financial support to submit their details as soon as possible before the deadline.”

Businesses can apply for the CBILS by visiting: https://www.letsdobusinessfinance.co.uk/cbils-ldbf