Sponsor Focus: Deutsche Bank
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In 1988, Deutsche Bank put £250k into two funds for small businesses, the Deutsche Bank Loan Fund and the Short Term Clothing Loan Fund, to be managed by East London Small Business Centre.
Twenty-three years later the partnership is still going strong with 22 businesses accessing funds in 2009.
The fund for the fashion industry will give loans against clothing orders already placed, which are paid back once the orders are delivered. This means that the initial capital, with a funding top-up of £55k around the turn of the century, has been recycled approximately 5 times.
Kate Cavelle, Director for Corporate Social Responsibility UK, Deutsche Bank, said: "By working together for over 23 years, East London Small Business Centre and Deutsche Bank have been successfully demonstrating the positive impact that enterprise and entrepreneurship can have on individuals and the wider community."
2009 was very difficult year for small businesses due to the economic downturn and these funds were more essential than ever for ELSBC's clients to continue trading successfully.
