A Chard business that provides mobility scooter and wheelchair accessories has received a £50k business loan to boost its growth plans.
Vinyl Value, which was established 40 years ago, was acquired by David Evans in 2021. Since then, the business has developed new product lines and streamlined its manufacturing processes.
Backed by the British Business Bank’s Recovery Loan Scheme, the new funding will support their ambitions to grow their market share through investing in new staff, machinery and marketing.
David is supported by business mentor Nigel Browne of UK Business Mentoring and was introduced to SWIG Finance by commercial broker Jack Seymour at Pinnacle Business Finance.
Of the funding, David commented: “We really appreciated the scrutiny and interest from SWIG, which rather than being negative was extremely positive. It gave us confidence that SWIG was interested in being a partner with us, not just a lender to us.”
Jack Seymour of Pinnacle Business Finance added: “David, Nigel, and I spoke about the requirement for funding and what would be a suitable solution given the turbulent economic times. SWIG was a viable solution for Vinyl Value and Jordan Berg took the time to understand how the business operated and where the funding was going to be used.”
SWIG’s business manager Jordan also commented: “There is a real opportunity for Vinyl Value and their team is thinking outside of the box to provide a better product and service to their customers. David has taken a long-standing, stable business and updated everything from the bottom up to take it to the next level and realise its potential.”
SWIG Finance is a non-profit company that supports viable South West businesses that can’t secure sufficient funding from their bank. By empowering underserved SMEs and Start Ups 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: email@example.com / 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 https://www.british-business-bank.co.uk/finance-hub/recovery-loan-scheme/