The CEO of a British furniture company is launching a new initiative that aims to give start up loans to inventive entrepreneurs.
Shamim recognises that although the economy has been improving recently, SMEs are still feeling the effects of the economic downturn in 2008.
‘‘Despite the economy showing signs of recovery, the banks are still reluctant to offer loans for small businesses, as they are dealing with the consequences of the recession. We are willing to support entrepreneurs and help them get off the ground where banks and other financial institutions are not willing to help with lending,’’ commented Shamim.
Although it can be argued that banks could be doing more to help small businesses, high street lenders have recently loosened the purse-strings. Earlier this month, SME Insider reported that HSBC are set to lend £8bn to small UK businesses.
The support programme is fuelled by Shamim’s own experience as an entrepreneur. The Bolton-based firm, which operates entirely online, was started singlehandedly by Shamim. Now he wants to pass on his experience to new SME owners.
‘‘As part of our support program, we will help entrepreneurs get through the hardest part of launching their own successful startup – financing, marketing and establishing effective communication with clients. These three basic steps are vital to help a great idea develop into a productive and lucrative business,’’ continued Shamim.
Also included in the support package is access to over £5 million of stock for immediate trading and assistance in launching and running an e-commerce website.
The program is aimed at residents of the UK and is available immediately. Applicants are welcome to send their CVs and descriptions of their ideas, along with indications of the amount of funding and type of assistance they need to firstname.lastname@example.org