Member Article

Finance for Enterprise helps driven entrepreneur shift gear

A Barnsley-based car body shop specialist has seen business demand speed up dramatically since opening its garage doors last July after receiving a financial boost from alternative lending provider Finance for Enterprise.

Taylor’s Bodyshop called on support from Finance For Enterprise to help the business meet the setup costs, purchasing vital equipment, including high quality paint systems and booths to meet the quality service customers expect. With a solid business plan in place, the owner, Hayley Taylor-Owen, successfully secured a £10,000 Start Up Loan, giving her car restoration company the green light to get going.

Hayley was always destined for a career working with cars. From an early age, she dreamed of becoming a professional rally driver and would spend hours imagining what it would be like to drift into a successful and exhilarating career. Upon reaching her teens, Hayley put the brakes on her racing aspirations after seeing the process of a damaged racing car being restored to its pristine condition.

Raring to go, Hayley decided to study car repairs at her local college. Once she graduated, her first role as a body repair specialist helped build her experience and hands-on knowhow. Seven years later and Hayley knew the drill, but she wanted to achieve more.

Being placed on furlough last summer pushed Hayley to consider shifting gear and exploring the possibility of launching her own business. After spotting the perfect premises, only one thing was stalling her dreams: securing the funds needed to kit out the new shop.

Working alongside experienced investment manager Gillian Pickard, the business plan for Taylor’s Bodyshop began to take shape. With a comprehensive strategy in place, Hayley secured a tailor-made start-up loan to begin leasing new premises in Wombwell, purchase essential tools and equipment and accelerate the start-up process.

A year into her entrepreneurial journey and Hayley has refused to take her foot off the gas. Taylor’s Bodyshop has a growing reputation in the area for the owners above and beyond attitude and polished customer service. With continued growth, an additional employee is just around the corner to help Hayley manage demand, which is racing away.

Hayley Taylor-Owen, owner of Taylor’s Bodyshop, said:

“I’ve always wanted to build a career around cars, and when I was furloughed from a job that I loved it helped to plant the seeds for building and running my own business. Creating a car body shop from scratch meant that I needed to spend a significant amount of money on equipment, and I knew that I would need some financial assistance.

“After a Google search, I discovered Finance for Enterprise and decided to reach out for advice. I was put in touch with Gillian, who explained my options. She helped me to understand exactly how much money I needed to enable me to invest in the business.

“Since securing support from Finance For Enterprise, my business has seen strong growth, even during a time of increased economic uncertainty, and although I wasn’t sure how the lockdowns would impact my business, I’ve never looked back.”

Gillian Pickard, Investment Manager, Finance For Enterprise said:

“Opening a business during the middle of a pandemic would have been a challenge for even the most seasoned entrepreneurs, but it was clear that Hayley had a thorough understanding of her industry, and following our initial discussions, she presented a well thought-out and detailed business plan, explaining the importance of the specialist equipment needed to help her build her dream business.

As a new entrepreneur, Hayley was eligible to access a Start Up Loan, which is aimed at helping new business owners to access the funds needed to realise their business plans. With funding in place, Hayley has enjoyed a terrific first year in business, and as her company celebrates its first anniversary, I think she can look back at the way she has successfully navigated her way through the challenges posed by Covid-19 with pride.“

Finance For Enterprise is a delivery partner of Start Up Loans UK, an initiative backed by the British Business Bank designed to help new entrepreneurs secure lending. Since the Start Up Loans scheme was launched in 2012, the programme has helped more than 75,000 entrepreneurs to realise their business ambitions. In Yorkshire and the Humber, Start Up Loans UK has provided nearly £55 million to over 6,300 new businesses.

Finance For Enterprise provides a range of tailored loans, aimed at helping SMEs in Yorkshire and the Humber, the East Midlands and Lincolnshire. The company acts as a fund manager for the Northern Powerhouse Investment Fund and Start Up Loans UK and provides business loans up to £250,000.

This was posted in Bdaily's Members' News section by Finance For Enterprise .