Inspire Insurance had been forced to freeze its expansion plans because of the terms being offered by banks to buy its own building. But after a call out on LinkedIn, assistance from alternative funding provider Ludgate Finance and from the Coventry and Warwickshire Growth Hub, the company has expanded into the Cobalt Centre on Middlemarch Business Park.
Managing director Leigh Mackey said: “We’d been trying to move by accessing traditional forms of finance and it was frustrating because I could see the potential and it was really holding us back. In the end, I posted on LinkedIn asking what other sources of funding were out there and Richard Mason from Ludgate got in touch. He introduced us to peer-to-peer lender Fundingknight and everything happened very quickly.
“I was then introduced to Jeremy Moore at the Coventry and Warwickshire Growth Hub and that really helped us to make the move.” The Growth Hub helped Inspire Insurance to secure a £50,000 grant towards the purchase of the building through the European Regional Development Fund. The overall move, including purchase, fit-out and IT, totalled more than £500,000. The company has already grown from 12 to 16 staff.