Aberdeenshire businessman feeling chipper after receiving government-backed loan
23 July 2009
Aberdeenshire chip shop owner, Ian Whyte
Aberdeenshire chip shop owner, Ian Whyte, got the loan he needed to set up his own business thanks to a government lending scheme designed to help businesses survive in the economic downturn.
Following his experience in the hotel and catering trade he took advantage of a government-backed loan, available through the Enterprise Finance Guarantee scheme, to start a business that is now going from strength to strength.
After drawing up a business plan he was able to receive funding support quickly and easily. A loan for 30% of total start-up costs gave him the capital he needed to open Skippers, a fish and chip shop, in Turriff, Aberdeenshire.
Together with his wife, Sandra, Ian now owns a business which employs seven part-time staff and is set to grow. He said of his Finance Guarantee loan:
"It has helped me to get on the first step of the ladder and set up a fish and chip shop in Turriff. The Enterprise Finance Guarantee scheme gave me a loan at good market rates which means I can now run a viable business.
"It was less than a week to get the go ahead for my loan application. The whole process was very straightforward and easy-to-use. My business has been running successfully since late May. We have several part-time staff and are now hoping to take on one additional full-time staff."
Under the Enterprise Finance Guarantee, the Government will guarantee lending to viable businesses to ensure that they can get the working capital and investment that they need.
The scheme will support bank lending, for terms of 3 months to 10 years, to UK businesses with a turnover of up to £25 million who are currently not easily able to access the finance they need. They can apply for loans of between £1,000 and £1 million through the Government guarantee until the end of March 2010.
Find out more about the Enterprise Finance Guarantee Scheme
