Devon-based entrepreneurs Rachael and Damo Cross have received a £30,000 funding boost to purchase an existing Garolla Roller Shutter Doors franchise.
Through the government-backed Start Up Loans scheme, local delivery partner SWIG Finance approved a £15k loan for each business owner.
When they became aware of the franchise opportunity covering the Exeter area, they jumped at the chance.
Damo, an accomplished sales and marketing professional, has always been interested in running a franchise business. Business partner and wife, Rachael, an experienced office manager and bookkeeper, will harness the financial and administration aspects of the business, making them the perfect team to head the venture.
Purchasing an existing franchise has put the new business owners on a firm footing, as there is already a healthy sales funnel and a strong local brand presence.
Start Up Loans are often used as a valuable tool for anyone wanting to purchase an existing business, and this has certainly proved to be the case for Rachael and Damo.
Of the funding, Co-owner Damo said “The SWIG team and Nicki in particular have been efficient and super helpful in helping us secure funds for our new venture. But more than that, Nicki offered me the most valuable insights that helped me navigate some very tricky decisions. The whole process was friendly, thorough and very professional every step of the way.”
SWIG Finance’s Start Up Loans Manager, Nicki Kimberley commented “There has been a surge in home improvements over the last 12 months, and Damo and Rachael will be well-positioned to take advantage of this. Their complimentary skillset makes them the perfect husband-and-wife team, and with an already developed brand presence, we are sure that their new franchise business will succeed”.
“I am very proud to see Damo and Rachael taking their first steps into business through Garolla Roller Shutter Doors, and I wish them every success in their new venture.”
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 Start Ups 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 Start Up Loans from £500 – £25,000. For more information visit https://www.swigfinance.co.uk/start-up-loans/
We also have business loans from £25,001 to £250,000 available to South West SMEs who cannot access sufficient funding from their bank https://www.swigfinance.co.uk/business-loans/
For businesses based in or relocating to Cornwall and the Isles of Scilly, we work with The FSE Group, the appointed CIOSIF Fund Manager, on delivering smaller business loans as part of the £20 million allocation for debt finance in Cornwall & the Isles of Scilly https://www.swigfinance.co.uk/ciosif/.
If you would like to have 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 227 930.