A Lincolnshire entrepreneur’s new business venture is set to start off swimmingly thanks to funding from EnterpriseLoans East Midlands.
Richard Bugg owns Gainsborough Aquatics. The business, which officially launches in March, offers over 100 species of tropical and coldwater fish. Richard is one of the first people in Lincolnshire to receive funding from EnterpriseLoans East Midlands to help develop his business.
Established by East Midlands Development Agency (emda) and managed by First Enterprise Business Agency (FEBA), EnterpriseLoans East Midlands provides business loans of between £3,000 and £20,000 to entrepreneurs who would otherwise find it difficult to obtain loans from high street lenders.
“I have loved looking after fish for as long as I can remember, so I’m delighted to receive this loan, which will really help me to turn my hobby into a real business,” said Richard. “As well as enabling me to set up the shop, the money will allow me to purchase professional aquatic units, and high quality stock from well-known national suppliers.”
Gainsborough Aquatics will stock a huge variety of fish, as well as selling equipment for indoor tanks and outside ponds, including pumps, filters and all equipment necessary to create a healthy environment for fish.
Richard is one of a number of entrepreneurs across Lincolnshire, in start-up or existing businesses, who have received funding from EnterpriseLoans East Midlands. Speaking about the scheme, John O’Reilly, emda’s Business Support Director, said: “Richard is an example of just the kind of person we want to support through this fund.
“We want people with passion, vision, entrepreneurial spirit and dedication, to be given the opportunity to develop their viable ideas into businesses. I am sure that in the current economic climate, there must be many other entrepreneurs across Lincolnshire who could benefit from this fund and I would encourage them to apply for it.”
Quamar Zaman, Chief Executive of FEBA, which administers the EnterpriseLoans East Midlands fund said: “It is getting harder for entrepreneurs and businesses to access traditional sources of funding from financial institutions. Banks are being much more cautious about which business proposals they will consider and support.
“As a result, we are receiving a steady flow of enquiries, including many from people who have a poor credit rating, or who have been declined funding in the past. EnterpriseLoans East Midlands is designed to help people like these, who would otherwise find it very difficult to access the finance they need to get their businesses started.”
For more details about EnterpriseLoans East Midlands, telephone 0845 602 7355 or visit www.enterpriseloanseastmidlands.co.uk
For help and advice about starting up in business and for all other business support, contact Business Link on 0845 058 6644 or visit www.businesslink.gov.uk/eastmidlands
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
