Through the Investing in Growth programme, SMEs in Worcestershire can had access to access fully funded Investment Readiness support, which helps to guide businesses towards securing investments to initiate expansion projects, through one-to-one consultancy, advice and workshops.
A business that recently gained support through the Investing in Growth programme was InControl Marketing Ltd, specialists in marketing software.
Based in Evesham, InControl Marketing Ltd have developed a marketing portal that allows manufacturers and wholesalers to share marketing materials with their resellers so they can better market their products and services to end users.
Whilst the business is stable and profitable, the owner was determined to develop the potential of their b2b marketing portal to exploit new markets and sectors. This process would require a considerable research and development spend in order to rewrite the existing software, which, having evolved over the years, required a full refresh to make it more efficient and scalable. In order to initiate this project, InControl Marketing Ltd would need considerable funding, however, they were unsure how to approach raising this money, having never done so before.
Through the Investing in Growth programme, InControl Marketing Ltd received 18 hours of fully funded support from Business Finance expert, Ian Priest, and chartered accountants Haines Watts Worcester.
Ian has worked in banking in Worcestershire for over 30 years and is highly knowledgeable about both lenders and business owners, as well as opportunities for business growth in the Worcestershire region. During the 18 hours of funded support time, Ian worked one-to-one with the owner of the business, using the Ansoff Matrix to look at the market opportunities for future growth, as well as identifying what staffing and investment would be needed in order to expand into these markets.
In the remaining hours, Ian helped with the identification of the relevant type of finance to apply for, as well as walking InControl Marketing Ltd through the funding application for the chosen route of finance, with Haines Watts generating a robust three-way integrated forecast of profit and loss, balance sheet, and cash flow.
After receiving Investment Readiness support from Ian Priest, InControl Marketing Ltd were able to apply for a £65,000 loan, which was approved by HSBC. This new funding has so far supported the company in taking on three new senior staff members.
InControl Marketing Ltd were delighted with the support that they received from the Investing in Growth programme.
Director Nigel Busby said “The Investment Readiness support funded by the Investing in Growth programme has been brilliant for us. Having never approached raising money in this way before, having Ian Priest supporting us and going through the finance identification and application processes was incredibly helpful.”
Ian Priest added “It was a great pleasure working with Nigel. Like most business owners, he was unsure of how to go about raising finance for his business. “By spending the time funded by the Investment Readiness programme, we were able to help Nigel identify and quantify the opportunity and risks, and to translate this into a narrative that lenders could easily digest. “Having considered a number of options as to the way forward, it was agreed to approach lenders using the Enterprise Loan Guarantee Scheme to support the application.”
About Investing in Growth
Funded by the European Regional Development Fund, Worcestershire County & District Councils the Investing in Growth programme helped Worcestershire businesses to achieve significant development and expansion through business capital and revenue grants, as well as the fully funded Investment Readiness.
Due to the popularity of this programme, the funding has now been fully allocated. However, there are a range of other support opportunities available for Worcestershire businesses. To find out more, please contact us on 01905 677888 or visit business-central.co.uk/.