Bassetlaw District Council say that 25 budding entrepreneurs applied for help from a pioneering business finance initiative in 2017-18.
The Loan to Grant scheme, now in its third year, allows start-up businesses to receive a grant up front as a personal loan so they can invest in certain essential items.
If the business can provide evidence of these purchases within three months of the grant being awarded, the loan is written off.
Councillor Jo White, cabinet member for economic development, said: “This scheme is a fantastic way of helping new start businesses get up and running without worrying about their cash flow.
“We want to encourage and help new business grow and become established in Bassetlaw, creating new jobs and helping driving our local economy.”
Unlike other grant schemes which allow applicants to reclaim the costs of items after they are bought, the Bassetlaw scheme’s up front loan helps those for whom cash flow might be a barrier to getting their idea up and running.
Working in partnership with 2 Shires Credit Union, which provides and manages the loan on behalf of the council, 45 per cent of all applicants took up a loan offer last year.
2 Shires manager Eric Thompson said: “It’s great to see so many businesses signing up for the grant scheme and I hope that others look at the success and consider applying for the grant so that they too can see their business flourish.”
One of those who benefitted from the scheme was Katy Robinson of Opus Salon, on Potter Street in Worksop.
Katy said: “When you are starting a new business, cash flow can be a big worry. Having the finance up front, along with advice and support takes that worry away.
“The grant allowed me to purchase fixtures and fittings, which I would otherwise have had to wait to install in the salon.”
She added: “I would recommend this scheme to anyone who is just starting out in business and worried about their outgoings.”
To find out more or to apply for the scheme, contact email@example.com.