Telford & Wrekin businesses take up loan fund offer
Thre firms in the Telford & Wrekin area have benefitted from around £70,000 in loans from Telford & Wrekin Council’s new small business loan fund – set up to help firms who cannot access funding from mainstream lenders.
The fund, launched earlier this summer, is also now considering a further four applications.
The largest loan issued has been for £50,000 and many more businesses are interested in accessing the funding available. The fund supports fledgling businesses or social enterprises and is a key part of the Council’s Co-operative Council approach.
It can help small or medium-sized borough businesses who can’t get support from normal high street lenders to grow, loaning between £1,000 to £100,000 to cover start-up costs, finance growth, help develop new products or services or even ease cash flow.
The loan underlines the Council’s support for local businesses and follows one of the recommendations made by the independent Co-operative Commission that the Council does more to win business for the borough.
Any business wanting to apply must produce a business plan and show evidence that they have been turned down by “mainstream” funding institutions. Applicants must also show that they intend to protect local jobs.
Any business wanting to apply should contact 01952 567589 or investintelford@telford.gov.uk
Cllr Shaun Davies, cabinet member for Neighbourhood Services and Co-Operative Council, said: “The response that we have had from businesses has been very positive and shows that there is a clear need for this in the borough.
“Through the scheme we are creating opportunities for firms, who simply cannot get mainstream funders to support them, to grow and thrive. We are a Council that supports and helps win business for the borough.
“Through this fund we are helping to create wealth, protect and grow jobs and invest in the borough’s future.”
Telford & Wrekin Council runs the fund jointly with Impetus - a community development financial institution.
