ONLY ten businesses have benefited since the launch of the Bank of Essex last year.

Essex County Council launched Banking on Essex in a blaze of publicity last April, and followed it with a promotional launch six months ago.

A total of £50million was set aside to lend to small and medium-sized businesses in the county.

But since the promotional launch last November, only ten loan applications have been approved totalling £290,000, while a further 14 are awaiting a decision.

David Kendall, Lib Dem economic spokesman, claimed small businesses struggling to get loans from High Street banks were finding it just as difficult to get help from Banking on Essex.

He said: “After all the hype and publicity I was really hoping this scheme would provide much-needed help and support to small businesses in Essex which have been really struggling to borrow money from the High Street banks.

“However, it would appear, from the small number of loan applications approved to date, borrowing money from Banking on Essex has been as difficult as getting it from banks.

“If the economy in Essex is going to be given the kick-start it badly needs, then Banking on Essex should be playing a more proactive role in promoting and advertising what it can offer to small businesses, and certainly giving them more support than they are at the moment.”

County council spokesman Michael Page said: “Those who have received loans from Banking on Essex, who may otherwise have not accessed vital credit and support, have proved successful in securing local jobs and expanding their businesses.”