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EEDA supporting small firm funding

Jun 15 2009

Small companies in the east of England are to benefit from a new regional development agency scheme to help them find new funding.

The Understanding Finance for Business programme, launched by the East of England Development Agency (EEDA), will work to prepare small firms for the process of raising finance.

Under the scheme, companies will be taught to grasp jargon and understand the funding options available to small businesses.

EEDA chair Richard Ellis explains: 'It remains a tough time for businesses and raising finance is harder, taking longer than ever and can often be perceived as a complicated process. EEDA's new programme is about demystifying the subject.'

Richard Tunnicliffe, regional director of the Confederation of British Industry, says schemes such as Understanding Finance for Business provide small firms with a competitive advantage in an area which is often under-resourced.

Last week, the British Bankers' Association revealed that there was a £287 million increase in lending to small companies over April, following a £271 million rise in the previous month.

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