Banking on Essex, an association between Essex County Council and Santander Corporate Banking, provides finance to small and medium sized businesses in Essex.

The scheme is in direct response to the recession and is designed to support small and medium sized enterprises within Essex currently struggling to access funding through high street providers.

Loans and overdrafts of up to £100,000 will be available for eligible Essex businesses employing less than 250 people, with a turnover of less than £25m and who have been trading for at least 12 months.

The loans will be handled through a unique partnership between the authority and Santander Corporate Banking. The bank will provide the credit and process capability to the partnership, together with a full banking infrastructure.

Businesses wishing to apply for funding should visit www.bankingonessex.com for details on how to apply or email bankingonessex@alliance-leicester.co.uk

The scheme has also won support from the British Chambers of Commerce, British Bankers Association and the Local Government Association.