Member Article

Scunthorpe entrepreneurs platform gets £65k funding boost

A Scunthorpe-based business is creating its own jobs and helping other local businesses to succeed following financial support from Finance For Enterprise.

The Admin Centre, an ideal home for young entrepreneurs, offers fully serviced office space and business support to aid fledgling businesses find their feet.

Looking to expand its offering director, Carl Windsor secured support from the Regional Growth Fund.

The initiative requires companies to make the initial payment themselves, then draw down the funds from RGF. This approach left Carl in a difficult situation of having the support he needed approved but being unable to access it.

The banks were initially enthusiastic about his plans, however their lending restrictions meant they couldn’t help.

After approaching Finance For Enterprise matters quickly resolved.

For more than 25 years, Finance For Enterprise has played a vital enterprise role in the region, supporting client businesses and organisations, investing in other funding agencies and funding enterprise research.

In two weeks, Finance For Enterprise had provided a £65k loan to help purchase the premises and the next phase was secured.

Carl Windsor, director of The Admin Centre said:“ We were growing rapidly and we didn’t want to lose any momentum, so we looked into funding.

“The RGF funding was perfect for us except we didn’t have the initial funds to begin. That’s where Finance For Enterprise came in.

“They took into consideration the future of the business, my business plans and me as a person. Without their help we wouldn’t have been able to grow.”

In just over a year, the Admin Centre has preserved three jobs and created a further four posts.

Arthur Foreman, managing director of Finance For Enterprise said: “We’re extremely proud of our track record in supporting businesses over the last 25 years and have ambitious plans to increase the volume of that support over the coming months and years.”

Finance For Enterprise has loaned £8 million to 600 businesses since 2008 and supported 50 businesses with a total investment of £1.1 million in the first quarter of 2014. The organisation’s median loan value is £27,000 over a typical 36 month term.

Finance For Enterprise is a not for profit company limited by guarantee.

This was posted in Bdaily's Members' News section by Clare Burnett .