A NEW loan fund worth £5m has been launched to help Huddersfield firms tackle the credit crunch.
Regional development agency Yorkshire Forward announced the Transition Loan Fund as part of efforts to help businesses through the recession.
The new loan fund, operated by Business Link Yorkshire, aims to provide small and medium-sized firms with working capital to help them maintain cash levels.
It follows funding worth hundreds of millions of pounds to provide firms with grants for investment, free financial health checks and research and development.
Yorkshire Forward chairman Terry Hodgkinson said: “Although our region is better placed to weather this downturn than previously and many sectors continue to perform well, business is tough at the moment and our job is to provide the support that can help our region’s businesses tackle the challenge head on.
“We are not here to act as another bank, or to step on the toes of the banking sector and we are looking to work closely with the banks to ensure the financial needs of the region’s businesses can be met via traditional routes and our support.
“We want to ensure well managed, sustainable companies can manage their credit successfully so that they can weather the downturn.”
The £5m loan fund will be available to firms over the next six months and may be extended to 12 months depending on demand.