Search Suggestions
Close Search Suggestions
A - Z of Resident Services:
You are here:
Impetus loan

County Council proves it's 'Open for Business' with new loan

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 expansion plans.

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 Plan.

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 local economy."

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 goals."

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 www.impetus-marches.co.uk

More information about Worcestershire County Council's work to support the local economy can be found at www.worcestershire.gov.uk/business

Further Information

In this section

More Information

See also in our website

External websites

Was this information helpful?

Please rate the content of this page
Would you like to provide any additional comments relating to the content of this page? Your feedback will help us to improve the content of our web pages


This page was last reviewed 13 February 2012 at 16:54.
The page is next due for review 11 August 2013.