A former research scientist from Kettering is looking to a bright future after securing a business loan to help set up his home based laboratory supplies company Future Scientific Ltd.

Thirty-two year old Andrew Burns received a loan of £14,000 from Small Loans for Business (formerly EnterpriseLoans East Midlands). Established by East Midlands Development Agency (emda) and managed by First Enterprise Business Agency (FEBA), Small Loans for Business provides businesses and entrepreneurs with loans of between £3,000 and £20,000.

Andrew, who has a degree in Medical Biochemistry, supplies laboratory consumables such as filter paper and test tubes to universities, contract testing laboratories and breweries across the UK.

Having worked in laboratories as well as in sales and marketing, Andrew became frustrated with the poor levels of customer service he experienced and believed he had the skills, knowledge and contacts to offer a better service.

Andrew explains: “I am really passionate about what I do, especially in terms of offering a great service to customers. I felt that the standard of customer service from some of the bigger suppliers wasn’t as good as it could have been and that created a gap in the market. I’m thrilled that Future Scientific has already taken several orders despite not even being a year old.

“Starting the business from home was less risky and meant that set up costs were lower, but I did need help with paying for stock from my suppliers. I approached Small Loans for Business who were really enthusiastic and supportive about my idea and gave me some great advice to help with my business plan.”

Offering advice for other entrepreneurs in the region, Quamar Zaman, Chief Executive of FEBA, said: “Small Loans for Business is a sustainable source of funding which addresses the current difficulties of accessing finance that are being faced not only by start ups but also by existing businesses which might need funding to help with opportunities to grow or become more competitive.

“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 early stages is often the biggest challenge for entrepreneurs like Andrew and this makes initiatives such as Small Loans for Business crucial.
“I would encourage people with determination and viable business ideas to contact Business Link to find out about the 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

For more details about Small Loans For Business, telephone 0845 602 7355.

ENDS

Issued on behalf of emda by lava. For further information please contact
Louise or Steph at Lava on 01522 842 800 / 07870 567 968 or louise@lavapr.co.uk /steph@lavapr.co.uk