The Falchion Fund is a loan scheme dedicated to supporting new and existing businesses located in Darlington which employ up to 250 people. The Falchion Fund offers loans:
Applications are encouraged from new start and existing businesses operating in sectors that have been identified as either currently being of significance to the Darlington economy (business & financial services; logistics & distribution; construction; engineering & manufacturing, and health & social care) or having future potential (creative industries & digital media; renewable energy, chemicals; retail; tourism & leisure, and the food economy). Support from the fund will ordinarily be as part of a broader financial package, including other sources of lending and/or applicant monies.
A loan from the Falchion Fund is intended to supplement or complete a larger funding package and will not usually amount to more than half of the total funding required. Applicants are asked to provide independent confirmation of their own proposed investment together with any funds from other sources (for example, bank statements or facilities letters) The aim of the fund is to stimulate and contribute to business investments that are likely to lead to the creation of new jobs or help to safeguard existing jobs in Darlington; aspire to increase average wage levels and contribute to reducing deprivation within the Borough.
In addition to a formal lending assessment to ensure repayment ability, applications will be considered on the basis of the business’ potential to create new jobs (and/or safeguard existing jobs) and the project’s potential to add value to the local economy.
Loans are funded by Darlington Borough Council, HSBC Bank plc and British American Tobacco (BAT) and are subject to panel assessment.
The Falchion Fund is managed by Darlington Borough Council and HSBC Bank plc with support from Clive Owen and Co LLP and Tees Valley Unlimited.
If you wish to receive further information about this scheme please email: business.support@darlington.gov.uk