Laila’s Fine Foods finds small loan
13 May 2009
Laila’s Fine Foods found finance with a Small Loan for Business
Laila’s Fine Foods is a family run business in Lancashire. Despite continuing to expand, the company found that the economic downturn made credit difficult to come by. The companies which supply raw materials and packaging to Laila’s were also feeling the pinch and the effects of this were being passed on.
Laila’s received £250,000 from the North West Regional Development Agency’s Transition Loan Fund – a scheme set up to help thriving small and medium sized business who are finding it increasingly difficult to secure commercial finance because of the credit crunch.
Laila’s expects to reach a record turnover of £9m this year, and has been able to take on 30 extra staff, with hopes to hire a further 40 people in the near future.
Founder, Laila Remtulla said:
"The Business Link Access to Finance team was brilliant to work with. They helped us to put together our funding application and although it was a time consuming process, it was definitely worth it. We have no difficulty finding new clients and recruiting more staff. I believe it’s easy to be negative about the current economic situation but with a positive attitude and hard work we are determined to come out the other side even stronger and well placed for the future."
Read more about finance and grants.
