Lending milestone for alternative finance provider

A Barnsley-based entrepreneur who found himself facing redundancy during the first national lockdown has become the 1000th recipient of a Start Up Loan delivered by alternative lending provider Finance For Enterprise.

Richard Adlington took the plunge into self-employment after previously carving out a successful career with a commercial catering equipment company.

Drawing on the skills he first mastered as an apprentice, Adlington decided to explore running his own plumbing business – Radlington PHS – to meet rising demand.

Support came from Launchpad, a programme designed to equip new business owners in the Sheffield City Region with the vital skills needed to set up and run their own business.

Through Launchpad, Adlington was introduced to Finance For Enterprise and to experienced investment manager Ian Howson.

Howson recommended that his business would be eligible to receive a Start-Up Loan, a solution designed to support pre-start and new businesses. This enabled Adlington to secure the £7,000 investment his business needed.

Adlington said: “Launchpad helped me to gain a solid understanding of what was needed such as understanding my legal and financial responsibilities, finding customers and even knowing how to use social media for business purposes.

“Through Launchpad I was introduced to Finance For Enterprise and as a result, I’ve been able to secure the funds needed to open my business.

“I was apprehensive about approaching Finance For Enterprise for funding, especially as you hear so many stories about viable businesses not being able to secure lending, but my investment manager made the process really simple and straightforward.

“Since then I haven’t looked back and I’ve steadily built up a strong local customer base.”

Ben Hawley, business adviser, Launchpad said: “Richard came to Launchpad with a clear idea how he wanted to build and grow his business, but he wasn’t sure what steps would be needed to help him realise the potential in his ideas.

“It was clear during our meetings that’s he’d spent a great deal of time developing and refining his ideas.

“The business plan he produced clearly illustrated a need for additional investment and the work he undertook enabled him to secure the funds needed to give his business the best possible start.”

Howson, business advisor at Finance for Enterprise said: “Start Up Loans were developed specifically with new business owners in mind and for Richard to become the 1000th recipient, illustrates that the region is brimming with entrepreneurial talent, many of whom have innovated, adapted and succeeded during a particularly challenging time for small business owners.”

Finance for Enterprise is a delivery partner of Start-Up Loans, administered by the British Business Bank, which is designed to help new entrepreneurs with limited trading history with the ability to secure finance.

“Since its launch in 2012, the Start Up Loans Company has provided nearly £55m to more than 6,300 new entrepreneurs across Yorkshire & The Humber.”

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