A father and son team has received support from a loan fund to help develop their Leicestershire motocross business.

Adam Cook, Managing Director of PWC Racing in Hinckley, received a loan of £13,100 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.

Adam, 39, is using the loan to purchase stock and supplies for his retail outlet in Hinckley, as well as marketing the business through promotional literature and advertising. His son James, 21, will manage the shop during the week, while Adam will continue his current job as a fitter.

The business will sell a wide range of motocross gear, parts and accessories from the outlet, as well as from the company’s website and eBay store. In addition, a mobile shop will be taken to race meetings and motocross events throughout the UK.

Speaking about the venture, Adam said: “I have grown up with motorbikes and have a great passion for motocross, which my son also shares. I wanted to turn this hobby into a business that James could help manage and one day take over, and the loan from Small Loans for Business has helped me realise this ambition.

“I have identified a market for motocross supplies, as the Midlands has more motocross clubs than any other region in the UK. I have built up some great contacts in the industry and the loan will help us increase our reputation with preferred suppliers to help secure enhanced margins.”

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 new businesses 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 help you start a business or develop an existing business is often the biggest challenge for people like Adam and his son. This makes initiatives such as Small Loans for Business crucial.

“I would encourage people with determination and viable business ideas to contact their Business Link advisor and find out about the support services available that could help them make their business propositions a reality.”

Small Loans for Business is funded by East Midlands Development Agency (emda), First Enterprise Business Agency (FEBA) and the European Regional Development Fund (ERDF).

To find out about the support available for businesses, contact Business Link on 0845 058 6644 or visit www.businesslink.gov.uk/eastmidlands

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