County Council proves it's 'Open for Business' with new
Small and medium sized businesses across
Worcestershire are set to benefit from a cash boost exceeding £1.5
million courtesy of Worcestershire County Council.
Last Thursday (February 9), the council's
cabinet approved a three year annual investment of £500,000 to
local enterprise investment organisation Impetus, as well as a
£150,000 'top-up' fund for the current financial year.
The move comes as Impetus, who specialise
in offering loans to small organisations with difficulties securing
loans from mainstream lenders, has just loaned its millionth pound
to Worcestershire businesses.
Redditch-based Harper & Simmons, a
high-tech engineering company that manufacture tools for the car
industry has benefited from a loan that will support their future
The council's investment into
Pershore-based Impetus is in line with it's commitment to be 'Open
for Business', which has been identified as one of four key
priorities as part of 'Fit for the Future', its 2011-2016 Corporate
The investment comes after a £500,000 cash
injection back in 2010, a figure that at the time was matched by EU
funding. The monies, loaned only to assist those firms with viable
business plans, will be repaid over a number of years as the
businesses benefit from their loans to become more profitable.
Councillor Simon Geraghty,
Worcestershire's County Council's Cabinet Member with
Responsibility for Economy and Infrastructure, said:
"Supporting local businesses achieve their full potential is a key
priority for the council and this latest investment underlines our
commitment. We know access to finance can be a real obstacle
for some companies and these monies represent a clear step to
breaking down barriers to growth, which in turn will boost the
George Mackison, Impetus Director of
Operations said: "We work successfully with a diverse
range of businesses across Worcestershire and supported 51
organisations with loans last year. This latest investment will
help us support even more organisations and that it has coincided
with the millionth pound we have invested locally is a good
illustration of how we can help credible businesses achieve their
Impetus is a non-profit-making body, known as
a Community Development Finance Institution (or
CDFI), which provides finance of up to £50,000 to viable
enterprises and reinvests its returns in other local businesses
that need financial support.
Worcestershire County Council sees the
investment as a win-win arrangement, which will help local
companies and communities without costing the council a penny in
the long run.
More information about Impetus, including full
contact details and full eligibility criteria, can be found at
More information about Worcestershire County
Council's work to support the local economy can be found at
This page was last reviewed 13 February 2012 at 16:54.
The page is next due for review 11 August 2013.