27 May 2009
NWDA announces Transitional Loan for Lucy’s of Ambleside
Lake District based company, Lucy’s of Ambleside Ltd, has been
awarded £250,000 from the Northwest Regional Development Agency’s
(NWDA) Transitional Loan Fund (TLF), which is part of the NWDA’s
£200 million package of support to help businesses through the
economic downturn.
The transitional loan will provide the company, which includes a
combination of delicatessen, mail order, café and restaurant,
outside catering, wine bar and bistro and cookery school, with
working capital to enable it to secure to its future growth.
Mark Hughes, NWDA Executive Director of Economic Development,
said:
“Lucy’s of Ambleside is an iconic brand in both the Northwest
and beyond, and this transitional loan will assist the company in
creating working capital for it to continue its growth plans and
secure its future.”
“The Agency recognises that access to finance is currently a
major issue for SMEs, which is why we have strengthened the support
we offer to ensure that businesses have other avenues to finance.
Through providing companies with short-term loans to deal with
temporary shortfalls in their working capital due to the economic
downturn, the TLF scheme is an option for companies that have a
viable business plan but are unable to secure funding from
traditional lenders.”
This new Transitional Loan Fund is designed to help improve the
finance options available to new and existing businesses in the
Northwest, improving the lending available from commercial banks.
Over 220 TLF enquiries have been received so far with 26 loan
offers made to date and growing.
Lucy Nicholson, Founder of Lucy’s of Ambleside, said:
“The support from the NWDA combined with that of our bank,
communication with our suppliers and the diligence of our team from
bottom to top has reinforced my belief that Britain really is
great.”
“I have been very impressed with the way in which the
application was handled by both the NWDA and the Fund Managers.
This is a fund that appears to be designed to give genuine support
in times of hardship, not as something to ‘shore up’ a failing
business but offering much needed working capital to see them
through a difficult period. It is not something to enter into
lightly as it is not a grant, but a loan, well structured but
nonetheless requiring payback.”
Funding is available to businesses with a viable business plan
which demonstrate an ability to service the borrowing required, but
which have been unable to obtain such funding from conventional
commercial sources and in the absence of such funding is exposing
the business to the risk of significant short term contraction or
endangering its existence altogether. The effect that this
would have on other businesses would and could be phenomenal.
The NWDA is playing a crucial role in response to the current
economic downturn, with a number of actions being taken to meet the
needs of businesses during these challenging times.
To keep updated on the range of support being offered by the NWDA
visit www.nwda.co.uk/supportingbusiness
For further information on business support in England’s Northwest
go to www.businesslink.gov.uk/northwest
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For further information please contact Neil Roscoe, Senior Press
Officer on 01925 400232 or mobile 07980 713282 or neil.roscoe@nwda.co.uk
For urgent out of hours press enquiries please call 01925
400259.
For further information and to view previous press releases
visit us at www.nwda.co.uk/press
The Northwest Regional Development Agency (NWDA) leads the
economic development and regeneration of England's Northwest and is
responsible for:
• Supporting business growth and encouraging
investment
• Matching skills provision to employer needs
• Creating the conditions for economic growth
• Connecting the region through effective transport and
communication infrastructure
• Promoting the region’s outstanding quality of life