Credit union helps with capital for start-ups

Jul 8 2008 by Karen Dent, The Journal

SMALL firms looking for start-up capital in Northumberland are turning to their local credit union for help.

Ashington Credit Union has expanded to cover the whole of the Wansbeck area and plans to stretch to include neighbouring Blyth Valley in the near future after receiving Go Wansbeck LEGI money to employ additional staff.

They included manager Susan Lonsdale, who said the credit union can help match funding from other sources or help entrepreneurs cope with initial cash flow problems when they set up in business.

She said: “There are lots of grants available for new start-up businesses. We are here for small loans – the maximum is probably around £1,000. Obviously, some businesses need a lot more but we could do match funding or help people with their personal finances when they are ready to start up in business or they are in the early stages.”

The credit union has also worked with the Wansback BizzFizz team to dispense practical advice to new start-ups, including artist Martin Johnson. He has set up an enterprise selling his own artwork from a studio inside the credit union building on Station Road in Ashington.