BUSINESSES that have been affected by the collapse of MG Rover may find financial assistance is on their doorstep.

Impetus, an organisation set up with the support of a £400,000 grant from the Department Of Trade and Industry, will provide funding for established Worcestershire and Herefordshire firms that have been hit by the crisis.

Impetus is what is known as a Community Development Finance Institution, or CDFI and when it was set up last September was one of the first loan initiatives of its kind in the country.

Normally, Impetus helps with enterprise loans of between £1,000 and £40,000, but has said higher amounts will be considered under its MG Rover support package

"Like other CDFIs, Impetus provides finance and support to enterprises in disadvantaged communities," said Steve Williams, development manager at Impetus.

"This includes businesses that banks are unable to support or have helped as much as they can.

"Factors that we can take into account include the creation of local jobs and much needed services, though there must also be a viable strategy for repaying the loan."

Patrick Palmer is head of the Access to Finance team at Advantage West Midlands, which is spearheading efforts to help firms affected by the collapse of Rover. He is dealing with initiatives such as the £20m Advantage Transition Bridge Fund that can provide loans of between £50,000 and £500,000, but welcomed as much help as possible.

"We are delighted that Impetus is able to join this crucial support effort," he said.

"This, together with finance from other initiatives may be just what is needed to give businesses affected by the collapse of MG Rover the time and resources they need to adapt and take advantage of new opportunities."

More information of how Impetus can help local businesses can be found at www.impetus-marches.co.uk or by phoning Steve Williams on 01684 893883.