A Lincolnshire entrepreneur’s equestrian business is back on track, thanks to EnterpriseLoans East Midlands.

Sixty-six year old Robert Henson, from Grantham, received a small business loan of £20,000 to enable him to buy stock from Europe for his horse bedding business Equisorb Supplies.

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.

Robert sells bales of flax for horse bedding, as well as animal feeds, to customers across the UK.  With a lifetime of experience in agricultural and equestrian circles, Robert previously ran another horse bedding business, which diversified into horse manure recycling but ran into difficulties due to high initial costs. However, he spotted an opportunity to sell Equisorb bedding exclusively and had the skills, contacts and customer database necessary to set up the business.

Robert said: “I approached Business Link in March because I had a lack of working capital and needed help with buying large amounts of bedding from Europe so that I could offer a better service and price to my customers. I wasn’t even sure if I’d be able to get a loan because of the economic situation at the time.

“I was advised to apply to EnterpriseLoans East Midlands and I used my previous business experience, along with assistance from FEBA to develop the detailed business plan and cash flow forecast which were important parts of my loan application.”

Offering advice for other entrepreneurs in the region, Quamar Zaman, Chief Executive of FEBA said, “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 Lincolnshire who could benefit from this fund.

“If you do apply for a small business loan, you will get help and assistance with your application, but it’s important that you are prepared and organised. Getting your loan approved depends on how well you present yourself, your business and your financial needs.”

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 Robert. This makes initiatives such as EnterpriseLoans East Midlands crucial.

“I would encourage people with dedication and strong propositions to contact their Business Link advisor and find out about the business support services available to them.”

Existing entrepreneurs or individuals who are thinking of starting up in business should contact Business Link on 0845 058 6644 or visit www.businesslink.gov.uk <http://www.businesslink.gov.uk>

For more details about EnterpriseLoans East Midlands, telephone 0845 602 7355.

ENDS

Issued on behalf of emda by lava. For further information please contact

Matt or Louise at lava on 01522 842 800 / 07870 567 968 or matt@lavapr.co.uk / louise@lavapr.co.uk