Essex councillors set up own bank

[Legal Beagles]

The county council in Essex is to set up a bank to help firms struggling to get finance during the recession.

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[enaid]

Re: Essex councillors set up own bank

Essex councillors set up own bank


The bank would be the first run by a council for more than 30 years

Essex County Council is setting up a bank to help firms struggling to get finance during the recession.
The council is setting aside £50m for loans of up to £100,000 for small and medium-sized businesses which have been trading for at least a year.
The bank is being created under powers which councils have to promote the economic well-being of their area.
"Bank of Essex" could be set up within a year after going through all the necessary legal and regulatory work.
Banking giant
BBC News local government correspondent John Andrew says the council sees the move as a shift away from a remote centralised system of banking to one more responsive to local needs.
The initiative will work in partnership with banking giant Santander, making it the first council-run bank for more than 30 years.
The Birmingham Municipal Bank, established during World War I, survived until 1976.
The council already has an award-winning £1.5m scheme which has seen closed post offices reopen in the county.

[Glenn UK]

Re: Essex councillors set up own bank

I heard this on the radio this morning, i wonder if other local authorities are doing the same and what the terms are?

We spoke to barclays about getting one of these loans that are supposedly for helpingbusinesses, unfortunaltey the T&C do not acutally make them thta attractive if you have a choie of some sort. Currenrtly we do but many others wont have i guess.

Glenn

[natweststaffmember]

Re: Essex councillors set up own bank

nice work saffy

[enaid]

Re: Essex councillors set up own bank

I heard this on the radio this morning, i wonder if other local authorities are doing the same and what the terms are?

We spoke to barclays about getting one of these loans that are supposedly for helpingbusinesses, unfortunaltey the T&C do not acutally make them thta attractive if you have a choie of some sort. Currenrtly we do but many others wont have i guess.

Glenn

I shouldn't imagine it will be all cut and dried TBH not with these on board
'The initiative will work in partnership with banking giant Santander'

[Sapphire]

Re: Essex councillors set up own bank

nice work saffy

Your welcome :beagle:

[Glenn UK]

Re: Essex councillors set up own bank

I shouldn't imagine it will be all cut and dried TBH not with these on board
'The initiative will work in partnership with banking giant Santander'

I doubt it also, my partner and our accountants dealt with the bank, barclays in this case.

what at first dounded too good tobe true, did in fact turn out to be so.

We didnt proceed with it as we didint need it but it was clear that it was not as simple as it sounded.

Glenn

[natweststaffmember]

Re: Essex councillors set up own bank

They may well be using Santander as their clearing bank, perhaps.

[Guest]

Re: Essex councillors set up own bank

Oh this will work.

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