Domestic repair firm offered loan to fund expansion
A DOMESTIC appliance repair company has become the first business to benefit from the newly-launched Walsall Business Loan Fund.
Service 2000 Ltd received £30,000 from the loan fund, which has been created exclusively to help Walsall businesses unable to obtain finance from traditional sources.
The fund is run through Walsall Borough Council and managed by the Black Country Reinvestment Society.
Service 2000 applied for the loan to help finance its existing domestic appliance repair operation plus its expansion with a newly formed kitchen furniture business.
Established in January 2003, the Walsall-based firm began in a factory unit in Pool Street before expanding four years later into a second unit.
Paul Carpenter, operations director for Service 2000, said: “Pool Street is the home of our domestic appliance repair company and we are very proud of our customer base. It is the core business element of Service 2000 Ltd and generates a large part of our daily and weekly jobs.
“However, we saw there was a gap in the market when it came to bespoke kitchens and wanted to focus our enthusiasm for the development of that side of the business.”
The firm employs more than 40 people and has increased turnover from £300,000k in 2003 to £3m.
“We found it very difficult to gain finance in the beginning. Unfortunately I believe that mainstream lenders are not in the market to lend to small businesses,” added Mr Carpenter.
“We have grown this business and we are more than happy to be here seven days a week if the need is there. I am not in this business to become rich quick, I am here because I enjoy the work and I love coming to the factory.”
The Walsall Business Loan Fund is managed by BCRS and offers loans of between £10,000 and £50,000 to viable Walsall businesses already turned away by main stream lenders.
Councillor Adrian Andrew, Walsall Council deputy leader and cabinet member for regeneration, said: “This loan fund is all about providing Walsall’s business talent with the support it needs.”
Paul Kalinauckas, Chief Executive of BCRS, said: “Service 2000 Ltd is a prime example of a successful business that is creating wealth in the Walsall area. With the help of finance from the Walsall Business Loan Fund it will continue to do so in the future and will safeguard local jobs.”
From left: Paul Kalinauckas, BCRS chief executive, Cllr Adrian Andrew, Walsall Council deputy leader and cabinet member for regeneration, Paul Carpenter, operations director, Service 2000 and Roger Cashmore, financial controller, Service 2000.
