CORPORATE members and business loans will be offered by East Sussex Credit Union.
The Brighton-based not-for-profit group traditionally restricted its savings and loans activities to individuals.
But it now believes the time is right provide a lending lifeline to small businesses.
President Richard Priestman said: “Over the years we have seen a steady stream of applications from local businesses unable to access small loans from mainstream lenders but until now have not had a product to offer them.
“This is changing and with our new initiative we are hoping not only to attract corporate members interested in borrowing from us but also those wanting to place funds on deposit too.”
Three quarters of businesses in East Sussex employ less than five people with many looking for small credit.
Most major lenders do not lend at this level.
East Sussex Credit Union will lend up to £15,000 to corporate members with annual rates of interest starting at 10.5% APR.
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