Telford businesses take up loan fund offer

THREE firms have benefitted from around £70,000 in loans from Telford & Wrekin Council’s new small business loan fund.

The fund, set up this summer to help firms who cannot access funding from mainstream lenders, is also now considering a further four applications.

Many more businesses are understood to be interested in accessing the funding available.

The largest loan issued so far has been for £50,000.

The fund can help small or medium-sized local businesses which can’t get support from normal High Street lenders to grow. Loans of between £1,000 and £100,000 can be accessed to cover start-up costs, finance growth, pay for product development or even ease cash flow.

Those 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.

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.”

Telford & Wrekin Council runs the fund jointly with Impetus – a community development financial institution.

Any business wanting to apply should contact 01952 567589 or investintelford@telford.gov.uk