Lichfield gastro pub re-opens with the help of government-backed investment
23 July 2009
Tony Later and his staff at the Shoulder of Mutton
Businessmen, Tony Later and Brendon Daly, were given a helping hand through a government lending scheme when they re-opened the popular Shoulder of Mutton pub in Lichfield.
Under the Enterprise Finance Guarantee scheme they received £120,000 from RBS to refurbish and reopen the pub. Serving locally-grown produce it is now a sought after dining venue.
The Government scheme which aims to ensure that smaller businesses have the working capital or investment finance they need to help them through the current difficult economic environment. Under the scheme, the Government will guarantee 75 per cent of any loans made, while the bank covers the remaining 25 per cent.
Tony Later and Brendon Daly own a number of successful hotel and catering businesses in the area. Tony said:
"In my position it would have been impossible to secure the funding for my new business venture without the Enterprise Finance Guarantee Scheme. I knew the proposition made business sense but had no available security to offer The Bank. Mike Elphick, my Commercial Manager at NatWest in Wolverhampton suggested this new Government backed Scheme which was the ideal solution."
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 capital they need. Businesses can receive loans of between £1,000 and £1 million through the scheme until the end of March 2010.
Find out more about the Enterprise Finance Guarantee Scheme
