More than £1 million in loans has been paid out to Shropshire companies to help them survive the recession, the county’s annual business summit at Shrewsbury Town’s Prostar Stadium heard.

Chief executive of Advantage West Midlands, Mick Laverty, said the organisation had a £10 million fighting funding available when he spoke to more than 150 business representatives at the Shropshire-Council-organised event.

He said: “We have had 146 applications for loans of which 42 were successful, including a number in Shropshire, totalling around £1 million.”

The summit, which focused on how the county was coping with the recession and its plan to combat the downturn, also heard from Alison White, chief executive of Business Link, who urged businesses to take advantage of the support and practical advice and guidance available.

The meeting heard that the new Shropshire Business Board, set up last year, was acting as an advisory body to the council on economic development.

“Its first large piece of work has been to develop a three-year business plan outlining actions that board members want to see delivered in Shropshire to support and develop the economy. This work with be the bread and butter of our new economic development team,” said Mr Laverty.”

He said the board had laid out a business plan for 2009-2012 and had met with banking chiefs earlier this year in a bid to improve the levels of lending and communication between the sector and businesses in the county.

“The board is proving to be an effective business voice for Shropshire,” he added.