The Government-backed scheme aimed at small and micro businesses has supplied more than 4,000 loans to start-ups in the region since 2012.
The Start-Up Loans Company (SULCo) has reached a significant landmark after lending a total of £30 million to help launch start-ups across the West Midlands.
Since the launch of the government-backed scheme in 2012 it has provided over 4,000 loans to budding business owners in the region, and more than 48,000 across the UK.
The Start-Up Loans Company, which merged with the British Business Bank (BBB) earlier this year, provides low-interest finance up to £25,000 at a 6% fixed rate per annum, as well as support and free mentoring to new businesses and those trading for less than two years.
Lyndsey Tidmarsh launched the West Midlands Nail and Beauty Academy in April 2015, after securing a £6,500 loan from The
Based in Gibb St. Birmingham it provides 44 courses, including Vocational Training Charitable Trust (
A former nail and beauty college teacher herself, Lyndsey wanted a new challenge and secured a £6,500 loan as well as mentoring from the
The support allowed her to buy equipment and stock to start training straight
Last year, West Midlands Nail and Beauty Academy recorded a turnover of £100,000 and now Lyndsey is hoping to open a beauty salon in Birmingham city centre, which her students will be able to work in.
Further down the line, she is hoping to open an academy in London in the next two years and establish the business as the UK’s premier nail and beauty academy.
“The funding was integral to my launch but once I had everything set up – I was raring to go.
“We’re proving to be a popular choice for budding nail technicians here in Birmingham, and we’ve even had students from the Canary Islands coming to learn at the academy!
“The mentoring support I’ve had from The Start-Up Loans Company really helped me to kickstart the business, and I’m still in regular contact with my mentor who gives me great advice.
“This year, I was a regional finalist at the Forward Ladies National Awards which was a huge achievement. My plan now is to expand the business further, and set up another academy in London – so we can transform nail and beauty training in the capital!”
Joanna Hill, Interim CEO at the
“Our funding and support
“I’m confident Lyndsey’s dedication and enthusiasm will see it go from strength-to-strength.
“Investment in the Midlands is creating more business opportunities, and we want to give entrepreneurs the support and funding they need to take advantage of this.
“Securing finance can often put people off taking the leap into self-employment but we’re bridging that gap by offering low-income finance and reliable advice.”
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