Impetus Start up LoansFor Start-ups, SME's and Social Enterprises
Start up loans
If you have a great business idea and you’re looking for a start up loan (or you have a business under two years old) then Impetus is here to help.
Supporting all sectors
From £500 to £25k is available and recent small business loan and start up loan recipients include a wedding shop, a coffee shop, a skatepark and a fitness training business – so we can support pretty much any kind of organisation within the West Midlands.
And to ensure you keep on track, business finance mentoring is available.
Start up loans are available at a fixed 6% interest p.a. and repayment terms are 12 months to five years.
If you meet the following criteria you can apply for an Impetus small business start up loan:
You’re a small to medium size commercial enterprise or a social enterprise
You’d like to borrow between £500 and £25k
You run an existing (or you have an idea for a start up) business in the Impetus region
Herefordshire, Worcestershire, Gloucestershire, Shropshire and Telford & Wrekin
You’ve discovered that traditional lending support is unavailable or limited
You have a clear business plan
You’re 18 or over.
Provide your basic details
Fill in an initial online application form or simply give us a call
Submit your business plan
We’ll then gather some background information and ask to see your business plan and we’ll then arrange to meet you
We review your application
We’ll then give you an indication of whether we’re able to make a loan and if yes, we’ll agree how the finances will work
Your loan is credited
If both sides are happy, we’ll arrange the loan
Impetus finance mentoring
Working in partnership with regional Growth Hubs (or at a location of your choice) Impetus offers free finance mentoring.
You may be looking for advice on how to approach your bank or an investor, what funding alternatives are available or seeking to improve your cash-flow without raising external finance.
This service supports all business sectors and hour-long bookings are available. There is no need to bring any information along; simply arrange a slot and come and talk to us about your financial issues or to bounce ideas around.
At the end of each mentoring session we expect that the mentee will be better equipped to:
- Understand the financial requirements of their own business
- Know what sources of business loan finance are available and which is right for their business
- Understand what information a prospective lender will need and how it should be submitted
- Know how best to present their proposition to a finance provider