Mylor-based watersports business, Windsport, has received funding to support the business during the current COVID-19 outbreak.
The £50,001 loan, provided by SWIG Finance via the Coronavirus Business Interruption Loan Scheme (CBILS) and supported by Triodos Bank, will help safeguard 6 local jobs and provide some additional working capital to help see the business through to next year.
Windsport caters for ‘water fun’ of all kinds, from kayaking and stand-up paddle boarding, to sailing courses in dinghies, catamarans and powerboats. As well as this, it provides a boat repair service and venue hire for events and weddings.
The family-run business, which has been operating for over 30 years, has experienced a significant drop in trade due to the strict social distancing measures put in place by the government.
While the road to full recovery depends on lockdown measures being lifted, owners Brian and Catherine Phipps are optimistic about the future of the business with good growth opportunities identified, which will be taken forward by their son Tom and business partner Alex Metcalf, who are taking over the ownership reins.
SWIG’s Business Manager, Clare Lenihan-Thomas, commented ‘This is a unique business that has become very well-known in the industry. We are delighted to play a part in supporting the business during these challenging times, and we are excited to see how the business continues to evolve post-COVID19’.
Business Owner, Catherine Phipps, said ‘We are thankful for SWIG Finance’s support. This has been a challenging time, but thanks for the funding boost, we are now able to look ahead and focus on the future. Our business manager Clare was supportive throughout the application process and ensured that the funds were released swiftly’.
Matt Boggan, Senior Relationship Manager at Triodos Bank UK, who provided backing for the loan, added: “Making money work for positive social, environmental and cultural change is central to the bank’s ethos. Key to this is providing finance to help start-ups and growing businesses fulfil their potential, as these enterprises really have the ability to transform a community.
“We’re proud to be supporting SWIG, alongside another likeminded organisations. Its aim to make finance more accessible and inclusive aligns closely with our own values.”
About SWIG Finance
SWIG Finance provides loans from £25,000 to £250,000 to South West SMEs who cannot access sufficient support from their bank.
We are an accredited delivery partner for the British Business Bank’s Coronavirus Business Interruption Loan Scheme (CBILS).
If you are a viable business but your cash flow has been disrupted, or if you have lost revenue, get in touch with our friendly and professional team to find out how we can help: [email protected] / 01872 227 932.
Alternatively, for more information, visit https://www.swigfinance.co.uk/coronavirus-business-interruption-loan-scheme-cbils/