The £36k loan, which was backed by the British Business Bank’s Recovery Loan Scheme (RLS), will be used to fit-out the new premises and invest in green technology, such as the installation of solar panels and an electric vehicle, in support of their Net Zero journey.
The business, which is located within the grounds of Berkeley Castle, produces high-end curtains and blinds for interior designers.
The Boys Who Sew have five employees and plan to create two more jobs in the next year.
Business owners, Peter Eastwood and Ryan Whittaker, were referred to SWIG Finance by commercial broker Jerry Riches of Business Finance Trust.
Jerry commented: “SWIG are my preferred lender for RLS working capital requirements. They are very supportive and interested in both the story and the numbers.”
Co-owner Peter said:
This funding allows us to accelerate our growth by investing in an EV vehicle and solar panels to help power our irons. It also replenished our reserves after the setup of the new workroom we just moved into. Without this support it would have taken far longer – probably moving us at least 12 months forward.
SWIG’s Senior Business Manager, Nicola Parker, added: “Despite the past challenges that Pete and Ryan have faced, they have shown remarkable resilience and determination in growing this business. SWIG Finance exists to support businesses like The Boys Who Sew, so I was delighted to support their application.”
About SWIG Finance
SWIG Finance is a non-profit company that supports viable South West businesses that can’t secure sufficient funding from their bank. By empowering SMEs to overcome their financial barriers, we are working to create a more balanced financial ecosystem.
We’re growing every year. In 2021/22, we lent £10.8m to 502 businesses, helping to create and secure over 1,000 jobs and generate £32.3m. For more information visit https://www.swigfinance.co.uk/social-impact-report-2022/
If you’d like an informal chat about your funding requirements, get in touch with our friendly and professional team to see how we can help: firstname.lastname@example.org / 01872 227 930.
Legal Notice: The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme