Basildon Borough Council is to begin lending to regional businesses through our peer-to-business lending platform. By lending alongside individual investors, the council will demonstrate their support of small- and medium-sized businesses in the Basildon Borough.
This new collaboration with rebuildingsociety.com forms part of the council’s ongoing regional economic growth strategy.
The team at the council will review business loan requests from companies within their Borough and contribute up to £10,000 to the loan amounts required by suitable applicants. Council representatives will regularly review the performance of their portfolio to evaluate the efficacy of the capital committed, as part of the council’s broader, macroeconomic objectives.
Basildon Council to lend to local enterprise through rebuildingsociety.com
For local authorities looking to fund projects and support regional enterprises despite tight budgets, partnering with an alternative lender offers a solution. Councils can receive a return on their investment while facilitating financial support for local firms.
“After a period of lean trading, many small businesses need working capital to fund their recovery, but they also need support from their local community. We're delighted to be working with councils to support local, sustainable businesses.”
Daniel Rajkumar, rebuildingsociety.com CEO
“The economic recovery following COVID-19 requires local authorities to support their local businesses as best they can. One of the ways we can do this is by making funding available to our local businesses over the short and medium term, and we are excited to be working with rebuildingsociety.com to deliver this.
“By becoming a rebuildingsociety.com investor we can support local business growth as well as continue to help the council to become financially sustainable. We encourage any Basildon borough-based businesses that are looking for a loan of more than £25,000 to look at rebuildingsociety.com’s website for details.”
Cllr Stuart Sullivan, Chairman of Basildon Council's Resources and Commercial Committee
