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Loan Fund is Music to the Ears
11/06/2009
A plucky Derbyshire entrepreneur has launched a new business importing and selling harps, thanks to EnterpriseLoans East Midlands.
Harp teacher and performer Helen-Elizabeth Naylor, from Mackworth, applied for a small business loan to enable her to set up The Little Welsh Shop.
Established by East Midlands Development Agency (emda) and managed by the First Enterprise Business Agency (FEBA), EnterpriseLoans East Midlands provides businesses and entrepreneurs with loans of between £3,000 and £20,000.
Helen, 30, sells a wide range of harps online and at music trade events around the UK and Ireland. Already a well established harp teacher, Helen also has 10 years’ sales experience working for a supplier of musical instruments, which, combined with her specialist knowledge of harps and worldwide importers, gave her the skills and contacts necessary to set up the business.
Helen said: “I approached Business Link who assisted me with my business plan and cash flow forecast which were important parts of my loan application. Without the support of EnterpriseLoans East Midlands I wouldn’t have been able to create my website, buy my first supply of harps from UK and international suppliers and begin to sell them online.
“The funding has also helped me to organise viewing evenings around the UK and Ireland which are a great way to demonstrate and sell my harps to clients. I am delighted to now be the sole UK importer of premium quality Triplett harps from the US and have already ordered my second shipment from them.”
Speaking about the scheme, John O’Reilly, emda’s Business Support Director said: “Securing finance to support or start your business through its formative months or years is often the biggest challenge for budding entrepreneurs like Helen, particularly during the current economic downturn, and this makes initiatives such as EnterpriseLoans East Midlands crucial.
“We want more people in Derbyshire with dedication and strong propositions, to be given an opportunity to realise their ambitions. EnterpriseLoans East Midlands is a sustainable source of funding which addresses the difficulties of accessing finance and I am sure that there are many other budding entrepreneurs in the region who could benefit from this fund.”
Quamar Zaman, Chief Executive of FEBA, which administers the EnterpriseLoans East Midlands fund, said: “EnterpriseLoans East Midlands has been incredibly well received with over £500,000 already loaned in its first year to individuals across the region.
"SMEs are a vital part of all economies and play a key role in creating new jobs. If entrepreneurs can’t find the financing they need, great ideas may fall by the wayside, so for these reasons we will continue to provide funding to help people set up and expand their business operations, develop new products or invest in staff or production facilities.
“I would encourage people with commercially viable business ideas to contact their Business Link advisor and find out about the business support services available to them.”
Submitted by Sarah Crennell