STAFF at a Worcester car dealership are celebrating after it secured a £125,000 cash injection to kickstart growth plans after the pandemic impacted sales last year.
Imperial Marques secured the funding boost from regional lender BCRS Business Loans and was backed by the now-closed Coronavirus Business Interruption Loan Scheme (CBILS).
The directors of Imperial Marques have combined motor trade experience exceeding 40 years.
Growth capital was required for Imperial Marques to cater for a forecasted increase in sales in the coming months and to employ, train and upskill a new member of staff.
Mark Yarnold, director at Imperial Marques, said: “The past year has been incredibly challenging due to the disruption caused by the Coronavirus pandemic, exacerbated by many suppliers across the industry removing credit facilities due to the ongoing unpredictability together with the increasing cost associated with sourcing quality stock in a relatively scarce marketplace.
The company accessed funds from the Community Enterprise Investment Facility (CIEF) which is delivered by BCRS Business Loans across the West Midlands and managed by Social Investment Scotland.
Businesses based in the West Midlands and surrounding areas can secure loans from £10,000 to £150,000 from BCRS Business Loans to support growth and recovery plans.
Visit www.bcrs.org.uk for more.
