Entrepreneur hungry for more after strong first year
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A SMALL businesss denied bank funding at launch is celebrating a successful first year in business.
Liverpool-based Martin Dev, 24, launched ICTS last March with no funding staff or premises.
Initially supplying interactive ‘smart boards’ to local schools the company soon began to offer other services such as website design, IT installation and support and software development.
The business received a £25,000 investment to assist its expansion from MSIF through the Northwest Regional Development Agency’s (NWDA) Small Loans for Business.
ICTS now occupies four offices in Horton House in Liverpool, employs 10 staff and achieved a turnover of £160,000 in its first year.
Managing director, Mr Dev, said: “I decided to go it alone with a positive attitude and it has paid off.
“Our website service has been particularly successful and we believe our ability in this area is second to none. Our customers do not pay a penny until they are
100% happy with their websites which gives our customers full confidence that they will receive a quality service.
“The support from MSIF has been crucial to the success of ICTS. I was refused a loan from a bank despite them saying my business plan was very good. Without MSIF the growth of the business would have been severely hampered.”
Mr Dev is hoping to grow turnover to £500,000 and take on a further 10 staff in the next year: “The outlook for next year is very good. There is a lot of work in the pipeline,” he said.
MSIF investment Manager, Chris Walters, added: “Martin is a great success story and we are really pleased to support his venture. I am sure he will inspire other budding entrepreneurs and hopefully give them the confidence to develop their ideas.”
Small Loans for Business is being managed by MSIF in Merseyside, and is supported by the European Regional Development Fund (ERDF) and the NWDA.