Stockton based Turbo Connect is revving up for a successful 2010 thanks to a funding boost from the Regional Enterprise Loan Fund (RELF) managed by Entrust.
When Callum Miller was made redundant from his job at the end of 2008 the entrepreneurial streak in him shone through and he decided to set up his own business, Turbo Connect, remanufacturing turbo chargers for cars.
Having been in business for a year Callum realised he needed a cash injection to fund working capital to move the business forward and Entrust was able to provide this support through a RELF loan.
Callum explains:
“The funding I have received through RELF and Entrust has been invaluable. It has enabled me to grow the business and I am now able to look at employing additional staff. I was also recently placed second in the ‘If we can, you can’ Challenge.
“I found out about RELF through my bank, who pointed me in the direction of Entrust when they were unable to help. The application was straightforward and the staff from Entrust were really helpful throughout the process.”
The business is now going from strength to strength and as a result of receiving the funding he has been able to take on a new employee, a young person through the Five Lamps project.
RELF is a £2.25 million fund managed by Entrust, in partnership with North East Business and Innovation Centre and Finance Tree, on behalf of One North East. RELF is targeted at start-up and growing businesses in the North East of England which are unable to fully finance their borrowing requirements from traditional sources.
Andrew Miller, Fund Manager, Entrust, said:
“The RELF fund is aimed specifically at start-up and growing companies like Turbo Connect.
“Despite the challenging economic climate, many business ideas and existing businesses have great potential and RELF helps this to be fulfilled. Since the fund began in May 2008 we have been able to support over 80 companies with loan finance and this has created or safeguarded over 350 jobs.”
For more information on start up support and business growth and all of the services offered by Entrust, visit www.entrust.co.uk
About the Regional Enterprise Loan Fund (RELF)
• The fund has been established to support start up and expanding businesses that are unable to fully finance their borrowing requirements from traditional sources.
• It encourages the development of new and growing businesses, helping to generate economic value in the North East of England.
• The £2.25 million loan fund is managed by Entrust, in partnership with North East Business and Innovation Centre and Finance Tree, on behalf of One North East.
• It was launched in May 2008 and is looking to lend £750,000 in each of the 12 month periods to April 2011.
RELF Eligibility Criteria
• Businesses have to be based in the North East of England.
• 100% finance is not available. Businesses need to raise circa half of their funding requirement from other sources.
• Certain sectors and types of business are excluded. These include lifestyle businesses, those operating in the retail sector and owner/sole employee businesses in the IT and Information Provider sector. Further details can be obtained from the Fund Administrator.
• Under State Aid rules the Fund is also excluded from specific sectors. Please click here for details State Aid rules.
• Loans are not purpose specific, although applications to refinance existing borrowings and failing businesses looking for a rescue package will not be eligible.
• Where an application is declined then another application may not be submitted for a period of six months.
