Telford & Wrekin Council small business loan fund will support fledgling businesses or social enterprises and form a key part of the Council’s drive to be a Co-operative Council.
This follows one of the recommendations made by the independent Co-operative Commission - that the Council does more to win business for the borough.
Helping businesses in the borough needing finance - but who cannot get the support they need from normal high street lenders or banks - the fund can loan a new or existing business between £1,000 to £100,000 and be used to cover start-up costs, finance growth, help develop new products or services or ease cash flow.
It can also go towards local regeneration or developing products that have a positive social impact or service.
Telford & Wrekin Council runs the fund jointly with Impetus - a community development financial institution.
Open to any small or medium size business in the borough, the fund received six applications for funding in its first month.
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.
Cllr Shaun Davies, cabinet member for Neighbourhood Services and Co-Operative Council, said: “We are committed to being a council that supports business and helps win business for the borough.
“We want to encourage grassroots entrepreneurs and, through our fund, are offering opportunities to those with great business ideas who simply cannot get the banks to help them put these into action.
“As a co-operative council we can and I think it’s exactly the right thing for us to do to support and help, in partnership with Impetus, new and small businesses to grow and create and protect jobs here. It’s investment in the borough’s future.”
During Co-operative Fortnight (June 25-July 7) Telford & Wrekin Council is highlighting a key initiative that it is taking to become a co-operative council each working day during the fortnight and the difference that this is making for people in the borough.
- Telford & Wrekin, as one of the UK’s leading co-operative councils, is supporting Co-operative Fortnight part of the UN designated International Year of Co-Operatives. You can keep up to date at www.telford.gov.uk/cooperativecouncil or by following @TelfordWrekin or using #TFcoop
- Any business wanting to apply for funding should contact 01952 567589 or firstname.lastname@example.org.