Live updates

Full Report: Cash for Cumbrian companies up for grabs

Businesses in Cumbria are being encouraged to apply for loans to help themselves and the local economy.

1.8 million pounds has just become available via the Government's regional growth fund.

The money is being distributed by a not for profit organisation in Penrith.

Tim Backshall has been to see one business that is already benefitting from this type of loan.

Watch his full report below.

Financial boost for small businesses in Cumbria

An organisation which offers financial support to small businesses in Cumbria has been given a 1.8 million pounds hand-out by the Regional Growth Fund.

Enterprise Awards were awarded the money two years ago, and are now offering small businesses to apply if they are in need of additional funding.

Loans ranging between £3,000 and £100,000 are being offered to new businesses and businesses looking to expand.

It is hoped that the investment will help boost the Cumbrian economy as a whole.

"We have worked with some fantastic businesses throughout Cumbria, but there are so many more that with an injection of cash, support and business advice could really thrive.

"We have helped hundreds of organisations turn around in this economic uncertainty, safeguarding existing businesses, creating more jobs and investment in the region.

"Enterprise Answers is there to help new or existing businesses grow and develop when they are having difficulty finding help or getting the funding they require."

– Grahame Latus, Chief Executive, Enterprise Answers