The Tide Climbing Centre in Wadebridge is one of the latest businesses to benefit from Start Up funding accessed via SWIG Finance.
The £20k loan, provided by The Start Up Loans Company, will be used to help the business overcome an issue that arose from a downturn in the exchange rate.
This new indoor attraction has created 15 new jobs and comes as Climbing becomes the latest Olympic sport to be included in the Summer 2020 Olympics.
Due to COVID-19, the centre was forced to close doors soon after its launch, however, with new guidelines in place to accommodate social distancing, they are now back up and running.
The climbing wall aims to cater everyone’s needs, from beginners to experienced climbers (or even Olympic trainees!). As well as climbing, the centre also offers a variety of classes in their fitness studio and a café serving handmade pizza.
Owned by Sophie Reynard and Sam Rearden, this business was conceived due to the lack of similar facilities in the area.
Having visited and worked in climbing centres all over the world, Sophie and Sam are well-positioned to lead the business to success.
The £20,000 loan now brings the total investment up to £340,000, which has been accumulated through a mix of personal savings, business loans, private investors and crowdfunding.
Of the Start Up Loan, Sophie commented “We have put everything we have into The Tide. With the recent downturn in exchange rates, we are grateful to SWIG Finance for facilitating our Start Up Loan to boost our initial investment. Our business manager, Mark Thayre, was really helpful throughout the application process, ensuring that the process was efficient and that the funds were released quickly”.
SWIG’s Business Manager, Mark Thayre, commented “We were delighted to be able to support The Tide Climbing Centre. It is clear through their funding journey to date, that their idea resonates well with the people of Cornwall and I’m sure that the business will be a great success”.
Richard Bearman, Managing Director at Start Up Loans, said: “Start Up Loans exists to help aspiring businesses owners and early-stage businesses to get access to the finance and support they need to thrive and so I’m delighted that Start Up Loans has been able to support Sophie Reynard and play a part in the success of The Tide Climbing Centre.”
About SWIG Finance
SWIG Finance is the South West’s leading Community Development Financial Institution. We are passionate about bringing social and economic benefits to people and places in the South West.
We do this by providing support and finance to Startups and growing SMEs that can create and secure employment opportunities.
As the South West’s leading delivery partner for Start Up Loans UK, we can provide startup loans from £500 – £25,000. For more information visit https://www.swigfinance.co.uk/start-up-loans/
We also have loans from £25,000 to £250,000 available to South West SMEs who cannot access sufficient funding from their bank https://www.swigfinance.co.uk/funds-available/
For an informal discussion about your funding requirements, get in touch with our friendly and professional team to find out how we can help: [email protected] / 01872 227 932.