Business mentors sought to support start-up scheme

THE founding partner of the Government’s Start Up Loans scheme has called on West Midlands business figures to join its family of mentors.

Startup Direct is on track to lend half a million pounds to start-up businesses in the region by Christmas. The move follows strong demand for its services from entrepreneurs since the launch of the scheme in the West Midlands this summer.

An initial £1m pot was designated to fund around 200 new start up businesses in the region during the twelve months from July 2014. So far, 68 new start-ups have received £408,000 in funding and between them have created more than 130 new jobs in the region.

In response to the strong take up, Startup Direct, which matches every new entrepreneur with a mentor, is now looking to grow its community of business advisors and is calling for local business people to put their expertise to good use by helping guide the fledgling companies in their first year.

Anyone from business owners to all round professionals can be a business mentor and training is provided.

“It takes more than money alone to help start ups succeed and we know that to give every business the best chance, they also need tailored mentoring and support.” said James Pattison, CEO of Startup Direct.

“This is a fantastic opportunity for local people with knowledge, experience and a passion for business to help those who are just starting out on their journey, while at the same time developing their own coaching skills and giving something back in a structured way.”
 
He said volunteer mentors were a vital part of the support provided to entrepreneurs at this pivotal stage in their journey. Volunteers are required to give a minimum of 15 hours of their time over the course of one year, offering general guidance and support as well as acting as a ‘sounding board’ on specific hurdles and stumbling blocks.

Mentors receive formal training and the opportunity to hone their skills, expand their own networks and gain valuable experience which can often lead to Non Executive Director roles.

Vikki Leffman became a mentor for Startup Direct earlier this year and has been working with Sharnette Jackson, who runs a mobile catering business in Birmingham city centre. Ms Leffman has enjoyed a successful career in business, particularly in the food and catering sector, having run two restaurants and worked as a consultant advising restaurants and clubs.
 
Ms Jackson launched her first mobile catering van two months ago and her mentor’s help has been invaluable to her, particularly in areas such as product pricing. The two speak every 10 days or so over the phone or by text message and chat through any aspects of the business where support is needed.
 
“Sharnette has faced her share of obstacles in setting up her business, as does any entrepreneur, and she has been very resourceful in overcoming them. I’ve been able to guide Sharnette in prioritising her workload as well as encouraging her not to give up and congratulating her when things have gone well!” said Ms Leffman.

“Being a business mentor is also about growing my own network. I attend training days and business events where I meet a wide spectrum of people who I wouldn’t otherwise have come across. This is incredibly rewarding and has enabled me to continue my own professional development, while at the same time supporting a new generation of entrepreneurs.”

Based at the Innovation Birmingham, Startup Direct targets those wishing to start their own business but who lack the capital and often the experience to make it happen. Loans of up to £15,000 at low interest rates (6.2% APR) are available over periods of 1 – 5 years. As well as their own business mentor, entrepreneurs also have access to workshops, networking events and a business helpline.
 
More information is available at www.startupdirect.org or by calling 0203 126 4957.
 

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