Bassetlaw District Council state that 25 budding entrepreneurs applied for help from a pioneering organisation finance effort in 2017-18.
The Loan to Grant scheme, now in its 3rd year, allows start-up services to receive a grant in advance as an individual loan so they can purchase particular necessary items.If business can offer evidence of these purchases within three months of the grant being awarded, the loan is composed off.Councillor Jo White, cabinet member for financial advancement, said:"This plan is a great way of helping brand-new start services get up and running without fretting about their cash circulation." We wish to encourage and assist brand-new organisation grow and become established in Bassetlaw, developing new jobs and assisting driving our regional economy."Unlike other grant plans which permit applicants to reclaim the expenses of
products after they are purchased, the Bassetlaw plan's up front loan helps those for whom capital might be a barrier to obtaining their idea up and running.Working in partnership with 2 Shires Cooperative Credit Union, which provides and handles the loan on behalf of the council, 45 percent of all candidates took up a loan offer in 2015.2 Shires supervisor Eric Thompson said:"It's excellent to see numerous services registering for the grant plan and I hope that others take a look at the success and consider getting the grant so that they too can see their organisation grow." One of those who benefitted from the plan was Katy Robinson of Opus Beauty Parlor, on Potter Street in Worksop.Katy stated:"When you are beginning a new business, money circulation can be
a huge worry. Having the financing up front, in addition to guidance and assistance takes that worry away."The grant allowed me to purchase components and fittings, which I would otherwise have needed to wait to set up in the hair salon. "She included: "I would advise this plan to anybody who is simply beginning out in company and
concerned about their outgoings."