A Worcester based car dealership has secured a £125,000 cash injection to kickstart growth plans after the Coronavirus 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.
“We are delighted to have secured the funding we require from BCRS Business Loans in order to kickstart growth plans, resuming our original pre-pandemic business plans by increasing the size of our team, investing in professional development and increasing our used vehicle portfolio.
“Imperial Marques is an independently owned and operated business which is proud to be friendly and approachable. There is no hard-sell here. All cars are properly prepared; bringing any scheduled servicing up-to-date, conducting a pre-delivery inspection, a full valet and a meaningful aftersales warranty.”
Angie Preece, Senior Business Development Manager at BCRS Business Loans, supported Mark throughout the loan application process.
She said: “We are really pleased to have supported Imperial Marques’ funding requirements to ensure they are able to achieve growth plans. As a lender of intentional social and economic impact, we are delighted to see that an additional job will be created in the coming months.
“We are committed to supporting the growth and recovery of businesses across the West Midlands region after what has been an incredibly difficult year. We have also recently been announced as a British Business Bank accredited delivery partner for the new Recovery Loan Scheme (RLS). We believe that no viable business should go unsupported, so would urge any business in the West Midlands region that requires funding to take the next step to get in touch with us.”
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.
Alastair Davis, Chief Executive at Social Investment Scotland, said:
‘Everyone at Social Investment Scotland is delighted that Imperial Marques have been able to access a loan from BCRS to support their growth plans. This is exactly why the facility was developed and we are especially pleased that the company will also be able to create new employment opportunities for local people as a result.’
The Coronavirus Business Interruption Loan Scheme (CBILS), which closed to new applications on 31st March 2021, was managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS).
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 to discover more or submit an initial application form.