South Yorkshire Microloan Boosting Small Business
Published: 18th December 2003
Small businesses in the region continue to benefit from loans from South Yorkshire Microloan.
Microloans are aimed at small businesses that are unable to raise sufficient (or any) finance from commercial sources, loans of £1k to £15k are available for existing businesses and up to £10k for start ups. Applicants with a poor credit history or County Court Judgements are considered.
Administered and co-ordinated by South Yorkshire Investment Fund, the fund is a partnership of the local Enterprise Agencies in Barnsley, Rotherham and Sheffield and Doncaster Chamber of Commerce.
The latest businesses to benefit from the Microloan include RA Imagining, Tubal Cain and Cashvend UK Ltd.
RA Imaging, based in Doncaster is a commercial and social photographer owned and operated by partners Richard Browning and Andrew Lynch.
They took out a £10k Microloan to set up their business in Silver Street – the cash was used to refurbish the premises, purchase photographic equipment and signage.
Andrew and Richard, experienced photographers who have worked for Saatchi and Saatchi, Next, M & S and many others in the past, already employ four people and are looking to expand in the near future.
Andrew said: "The Microloan scheme is ideal for people wanting to start up their own business – for us it was the key to our new state-of-the-art studio and the loan is already beginning to pay off."
Tubal Cain started trading in June 2003, designing and supplying specialist tools and equipment to field-archaeologists across the UK. Archaeology is one of the fastest growing disciplines in academia, and as an interest, has crossed over to mainstream TV.
Based at the Sheffield Technology Park, the company is headed by Managing Director Nick Oodian who is supported by Sales Manager James Light.
The company supports the needs of archaeologists and earth scientists working in the field –supplying high quality brand-name tools and equipment, as well as new and innovative products to aid the excavation and recording process.
Nick said: "South Yorkshire Microloan offered a friendly, relaxed open service – without their assistance we would have found it difficult to secure funding from conventional outlets like high-street banks. Microloan enabled us to start the ball rolling earlier than envisaged".
The loan was used for start-up costs including web design, researching new products and working capital.
Another company to receive a £10k boost is Cashvend UK Ltd, Based in Barnsley and operated by Andrew Peace, the company distributes ATM cash machines throughout the UK.
SYML Loan Officers Stan Wilson and Fiona Greaves, said: "These are just the kind of projects the Microloan has been designed to help. We want to hear from new and existing small businesses who have found it difficult to obtain finance."
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About South Yorkshire Investment Fund
For further details please contact Suzanne Tinkler, on 0845 649 0000.