Small Business Loans Fund set to be launched in Telford & Wrekin
Telford & Wrekin Council has joined forces with Impetus to provide sustainable financial lending to support new and existing businesses and social enterprises.
The authority has a programme of Early Adopter schemes, which are the first wave of projects being developed as part of its work to become a Co-operative Council.
As part of this, the council has entered into an agreement with Impetus - a community development financial institution - to launch the Small Business Loans Fund.
It is aimed at helping businesses that need finance when mainstream funding sources such as High Street Banks are unable to help.
Through the Telford and Wrekin Small Business Loans Fund, loans are being made available from £1,000 up to £100,000.
Businesses or social enterprises wishing to apply for funding will need to produce a viable business plan as well as providing evidence that they have attempted to source funding from a bank.
Telford & Wrekin Council leader Kuldip Sahota said: “It’s obviously important for any local authority to be at the forefront of helping to kick start the economy especially in challenging times like those we are currently experiencing.
“Cashflow is a major issue for any business and the ability for small businesses to access a pot of money to help them through difficult times is very restricted at the moment as major financial institutions are reluctant to lend.
“As a Co-operative Council, we have worked closely with Impetus to set up this loans fund to help out local businesses and I am delighted that we are able to get this off the ground.
George Mackison, Director of Operations at Impetus, said: “We are very happy that we are able to continue our long association with Telford and Wrekin by operating the Small Business Loan Scheme in the borough.
“This agreement will extend our current activity in the borough by providing businesses with much needed financial support not available elsewhere.”
Fay Easton, director of Telford Enterprise Hub which is supporting the scheme, said: "It is a really tough and challenging time for small businesses so this is a fantastic initiative to help kick start the local economy.
“I want to thank the council leader and Cllr Shaun Davies for working so hard to make this happen and we will be spreading the word of its existence to members of the Hub."
Impetus can be contacted on 01386 556000, email George@wtof.org.uk or by visiting www.impetus-marches.co.uk to read more about Impetus.
