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Fund Completes Microloans For Two Hull Businesses
Loans supporting fledgling businesses

Two fledgling Hull businesses have secured funding from Partnership Investment Finance, the £37m fund that provides loans and investments to small and medium sized companies in the region.

PIF has been created to provide start-up and development finance through investments and loans for viable businesses with up to 250 employees in Objective 2 areas of Yorkshire, the Humber and North East Lincolnshire.

The two Micro loans have been made to:

• Business Clinic (Humber) Ltd of High Street, Hull; (£10,000);
  
• Bloom Digital Ltd, also in High Street (£10,000;
  

The Business Clinic (Humber) Ltd has been launched by Katy Swaby to help
small businesses of up to 15 people with their marketing and customer contact.  The clinic offers tailor-made advice and support to a range of clients with a special focus on social enterprises - those with primarily social objectives that re-invest profits in the community.

Katy had previously worked for a company providing business advice and believed there was a need among the smallest firms for value-for-money marketing support and advice.

She said:  “Based on my previous experience I felt that I had something to offer and could do a better job for small firms.  My clients are those businesses that just cannot afford to engage expensive agencies but who need good marketing to help them grow and develop.

“The PIF loan has provided me with an important building block in developing my own business.  It will enable me to buy mailing equipment so that I can expand my range of services to include direct mailing.”

Bloom Digital Ltd is a graphic design business launched 12 months ago by Alan Bloom to design and re-design company logos for new and established business.  Although most clients are in the Hull area, the company has done business in other areas of the UK, including Sussex.  Having established a successful niche in this sector, Mr Bloom is planning to diversify into the design and production of menus for takeaway food outlets.

He said: “I was put into contact with PIF through Hull Chamber of Commerce and was impressed with the ease and simplicity of applying for a microloan.  It provides valuable working capital that will enable me to move ahead with the diversification of the business into the take-away menus market.”

Dr Jon Harris, chief executive of The Partnership Investment Fund Ltd, said:” Microloans of up to £15,000 provide valuable start-up and development funding for young and developing companies and we make it as easy as possible for eligible businesses to access them.  I am delighted that we have been able to support these two businesses.”

Alex McWhirter, Head of Enterprise for Yorkshire Forward, the regional development agency, said: “It is hugely encouraging to see these enterprising and innovative companies exploiting gaps in the market.  All of them demonstrate that they have strong products and services and are being driven forward by the entrepreneurs who started each of these businesses.  Enterprise is clearly flourishing in Hull, and I am delighted that PIF is providing the appropriate support to these entrepreneurs and fledgling businesses.“