BEF Dig in
BEF help social enterprise
Ace Bace
Bob Adams had been a consultant for a number of years within the energy sector. He had been developing a new product for the logistics market that measures the optimum energy usage for warehouses. This system then modifies the energy levels within the warehouse allowing them to gain savings on their energy bills in excess of 15%.
This is particularly important for logistics companies as one of their largest overheads is energy.
Bob had spent a number of years perfecting the product and had used up much of his own resource to get it to market. But Bob, now in his sixties, needed some further investment to get the units installed into the customer’s warehouses. Although the banks were prepared to go so far via a small overdraft, Bob needed additional working capital to achieve that.
Bob turned to the enterprise fund who saw the potential in this product and decided that they would support it with a £30k loan.
Bob was delighted and is now in the middle of rolling out these devices across the country for such people as DHL, Sainsbury’s and other well known logistics companies.
Sterling Service Centre
The banks would not consider Greg, as he was too young, and as a recent first-time buyer had no equity in his home. Greg wanted to use his skills in his own business by opening a garage that specializes in high-value car maintenance. BEF came along with an £8k loan to help him buy his equipment and get things started.
So far the business has exceeded all our original expectations. He has worked very hard in a short period of time, to establish the garage as a main player in the Bingley area regarding garage services. His enthusiasm is infectious with regards to his care for his customers. No matter what the situation he always has time for them, and as such, has great potential to develop a very good business.
He has already employed 2 staff, and the VOSA approved MOT station is now fully operational.
Sterling Service Centre
Inamoco
Inamoco Ltd
Paul & Michelle Wood had run their own business for a number of years designing and selling specialist children’s clothing in London’s Covent Garden, but after many years of travelling up and down to London decided they wanted to move on. As they have considerable design flair they looked at various businesses that would allow them to use their skills. They decided on the mobile phone and internet social networking market for which they have developed a number of innovative products including personal Avatars and mobile downloads of a similar nature to the well known Crazy Frog.
They approached their bank for a loan to fund the second animation, development of their website and for marketing but were declined. Consequently they approached BEF and with help from BEF put together a compelling business plan and a loan of £30,000 was subsequently approved.
Inamoco Ltd was registered as a company but Paul and Michelle struggled to open a bank account for the business and had to turn to BEF to assist. BEF used its contacts in the banking world and an account was opened with Yorkshire Bank in central Bradford so trading could start.
Redfish Shop Limited
Mark Reilly an IT specialist had been running his own consulting business (redfish Computing) for a number of years. Business was increasingly sporadic and taking Mark away from home for long periods of time. These factors coupled with Marks very young family was putting great strain on the family relationships. Mark had been running a small scale internet trading business supplying computer parts such as cables, modems, and various plug ins. Mark felt there was much more scope for this business to increase turnover with a wider product range that would appeal to more customers.
Mark approached his bank for a loan but despite initial positive indications was declined, so he approached BEF for a loan.
After evaluating the business proposition and developing a business plan a loan of £20,000 was approved and Mark started trading with his new business Redfish Shop Ltd both directly and through a shop on eBay.
As well as employing himself Mark will later in the year be employing 1 member of staff to assist with operations such as packaging, despatch and administration.
NR Frozen Food
Over 40 restaurants within a 70 mile radius depend on Keighley based NR Frozen Food for deliveries including meat, prawns, vegetables and herbs. Proprietor Muhammed Rahman has spent the last 18 months building a busy and successful business with the help of a £15,000 Enterprise Fund loan.
Muhammed said: "I started the business with £30,000 - mostly from my own money and a small bank loan. After paying £14,000 for a freezer van I was left with £16,000
for everything else, such as buying and delivering the food - it would have been difficult within that kind of budget."
An advertisement alerted Muhammed to the opportunities provided by BEF, prompting him to get in touch.
Muhammed said: "Part of my original loan was outstanding and I had some credit difficulties in the past, all of which meant the banks couldn't help me. I was delighted to find that the Enterprise Fund could: I showed them my business plan and set up, and we were able to organise the loan straight away.
"Over and under-estimating stock requirements can be a serious problem in the catering industry. The loan gave me the breathing space to continue with the confidence that the
business had a future."
NR Frozen Foods has now taken on two full time members of staff and is currently having a specialist freezer built at a Keighley Industrial Estate.
Muhammed added: "I would advise anyone thinking about approaching the Business Enterprise Fund to do it - take them your ideas and see what you can achieve."
