Lottery Loans Boost For New Businesses

Wed 17 Jun 2009

Interest-free loans from the Isle of Wight Lottery have helped two very different businesses to get off the ground.

Mick’s Taxis and Jason Heap Furniture are the latest beneficiaries of a scheme which has so far helped more than 50 companies, creating more than 130 jobs.

Carl Jones used the loan to buy the West Wight taxi company which he had worked for over the last 18 months. He said the loan was vital, but that the support of a business advisor – which is a key part of the process – had proved just as important.

“My bank manager recommended applying to the Lottery, and it is the best piece of advice I have ever had,” he said. “It just goes to show that if you talk to the right people, there’s nothing you can’t achieve.”

Running the business is a seven days a week commitment, but Mr Jones is already looking to take on an extra driver.

Jason Heap set up his bespoke furniture business after qualifying at university, and was impressed by the speed with which his loan application was handled.

Mr Heap wanted to make the most of national publicity from winning a design competition, and the loan helped pay for specialist tools which will speed up production.

His company produces top quality, custom-built furniture, but also will design and build kitchens and bathrooms, and day to day items. His products have been sold around the world. He said: “Applying for the loan was challenging, because it makes you think through your business plan even more carefully, but it is great because you also get business advice for the period of the loan.”

The Isle of Wight Lottery – a division of the island’s Chamber of Commerce, Tourism and Industry - operates on a non-profit basis, and all proceeds are directed into a loan fund. Loan applications are assessed by an investment panel and are provided interest free to start-up and expanding island businesses.

Since its launch in 2001, the Lottery has paid out more than £900,000 in prizes to over 900 people.

The IW Lottery also supports the Start up Business Training programme and through this has also given support to over 500 local people entering self employment.