Dozens of companies benefit from £1m loan fund
£1m has been loaned to 58 start-ups and growing businesses in the region in the last four months from the Government-backed Enterprise Loans East Midlands.
The scheme, run by business support provider First Enterprise, offers up to £50,000 for businesses looking to grow.
It has given out £998,475 since April 1 this year, at an average of around £17,000 per company, with businesses in the food and drink sector well represented among the recipients.
The Incredible Bakery Company, in Northamptonshire, received a loan of £20,000 from First Enterprise last month to help it expand.
The bakery was set up by Valeria and James Turner after they discovered their son Leon was affected by multiple food allergies and spotted a gap in the market for tasty, allergen-free produce.
As a result all of its produce is coeliac and vegan friendly as well as being free from gluten, dairy, eggs and soya.
It now sells its products across the country to caterers, food outlets and specialist retailers.
“The last few months have been record breaking for us and we are looking forward to an exciting year ahead,” said Neil Millington, loan fund manager at First Enterprise.
“We are passionate about helping to grow businesses and support entrepreneurs. We know there are many people out there that just need a financial boost to enable their businesses to develop and flourish and we want them to know that we are here and ready to help.”
Other food businesses which have benefitted from First Enterprise funding include Junkbars, which recently opened its third bar, the Herbert Kilpin Public House, and confectionary retailer The Treat Kitchen.
