£1 Million available to shropshire businesses

Shropshire Council has set aside £1 million to help the small businesses that play a “vital role” in the local economy.
Through the fund, which aims to help those who need finance when sources such as high street banks are unable to help, loans are being made available from £5,000 up to £50,000 and payment terms can range from six months to five years.
Impetus - a community development financial institution – will deliver the fund on the council’s behalf and, as part of the agreement, will put in its own resources and further external funding to create a total pot of £2 million.
Businesses wishing to apply for funding will need to produce a viable business plan and provide evidence that they have attempted to source funding from a bank. Loans are available for new businesses, to support the expansion plans of existing businesses and can be used on property and equipment.
Councillor Keith Barrow, Shropshire Council’s leader, said: “Launching this new loan fund with a commitment of £1 million demonstrates how much we value the vital role small companies’ play in the county’s economy. 
“Around 90% of businesses in Shropshire employ 10 or fewer people and it is this group that statistics show is struggling to get finance from high street lenders.
“Through this fund we hope to help around 100 new and existing small businesses over the next four years which will, in turn create and secure jobs for local people.”
Councillor Mike Owen, Shropshire Council’s cabinet member with responsibility for business support, said: “Through working with local businesses we know that they are still facing many difficulties when trying to secure funding. This fund will now make it easier for these businesses to access finance; enabling the county’s economy to grow and prosper – something we all know is very important.”
For further information about this fund and how to apply, people should call Impetus on (01386) 556000 or email George@wtof.org.uk or Steve@impetus-marches.co.uk

Shropshire Council has set aside £1 million to help the small businesses that play a “vital role” in the local economy.Through the fund, which aims to help those who need finance when sources such as high street banks are unable to help, loans are being made available from £5,000 up to £50,000 and payment terms can range from six months to five years.Impetus - a community development financial institution – will deliver the fund on the council’s behalf and, as part of the agreement, will put in its own resources and further external funding to create a total pot of £2 million.Businesses wishing to apply for funding will need to produce a viable business plan and provide evidence that they have attempted to source funding from a bank. Loans are available for new businesses, to support the expansion plans of existing businesses and can be used on property and equipment.Councillor Keith Barrow, Shropshire Council’s leader, said: “Launching this new loan fund with a commitment of £1 million demonstrates how much we value the vital role small companies’ play in the county’s economy. “Around 90% of businesses in Shropshire employ 10 or fewer people and it is this group that statistics show is struggling to get finance from high street lenders.“Through this fund we hope to help around 100 new and existing small businesses over the next four years which will, in turn create and secure jobs for local people.”Councillor Mike Owen, Shropshire Council’s cabinet member with responsibility for business support, said: “Through working with local businesses we know that they are still facing many difficulties when trying to secure funding. This fund will now make it easier for these businesses to access finance; enabling the county’s economy to grow and prosper – something we all know is very important.”For further information about this fund and how to apply, people should call Impetus on (01386) 556000 or email George@wtof.org.uk or Steve@impetus-marches.co.uk