A Padstow business specialising in dog care products has benefited from a loan from the £40m Cornwall and Isles of Scilly Investment fund (CIOSIF).
Slickers Doghouse received the £32,000 loan as part of a £97,000 support package in order to develop its products, develop its website for online sales and attend major trade shows.
A further £65,000 is being provided by SWIG Finance to help Slickers build up stock for growing wholesale and online orders.
“As a relatively young business without a long trading record, we’ve found it difficult to raise finance from traditional sources,” said founder Lisa Hope.
“But with the support of CIOSIF and SWIG Finance we have now have the backing we need to grow our own-brand range and tap into new markets.”
The deal was led by The FSE Group, with SWIG Finance managing the process as they deliver the smaller business loans part of CIOSIF.
Rachel Thomson, CIOSIF Business Manager at SWIG Finance, added: “We are delighted to be supporting Lisa and the Slickers Doghouse team and look forward to seeing how this CIOSIF loan will aid the development and growth of the business.”
Lloyd Brina, senior manager at the British Business Bank, said: “Young businesses like Lisa’s often struggle to raise finance from conventional sources and that’s one of the reasons why CIOSIF was set up, to help break down the barriers to accessing growth finance that small businesses face.”
LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “Slickers is tapping into a dog owner market worth £10 billion a year in the UK and Lisa has already shown how premium quality, innovative products can appeal to a wide range of owners.”