By Nick Turner

Last updated at 15:19, Friday, 06 July 2012

As the debate continues to rage about the willingness of high street banks to lend to small businesses, one Cumbrian firm has shown there are alternative sources of finance.

Nick Balcombe

Nick Balcombe who runs a mobile locksmith’s business, Monument Locksmiths based in Penrith, has received business funding from Enterprise Answers – Cumbria’s only community development finance institution.

The loan of £10,000 was granted to Monument Locksmiths to fund its expansion plans. The firm initially tried to get the money from the banks but drew a blank.

Mr Balcombe then tried Enterprise Answers, working with business support officer Michelle Moore to gauge business needs before landing the cash injection. The loan has been used to buy a new vehicle, vital for the growth of the business.

Monument Locksmiths has more than 20 years of experience and covers the whole county.

Mr Balcombe said: “It is fantastic to be able to secure a business loan through Enterprise Answers.

The assistance I have received from my business support officer has been really helpful in not only generating funds for my business, but also having someone who can help my business grow with additional support and advice, which you don’t generally receive with a bank loan.

“The new vehicle will be more fuel efficient and need fewer repairs than my old vehicle, which will ensure my business is more reliable and continues to grow.”

Monument Locksmiths has also been able to secure a new contract with the AA in its ‘Key Assist’ programme; which helps drivers with lost, damaged or stolen vehicle keys.

Enterprise Answers, originally named CART (Cumbria Community Asset & Reinvestment Trust) began in 2005. Since, then it has been helping businesses across Cumbria, providing them with the finance they need to achieve their aspirations for growth and development.

It also offers a range of additional support and advisory services to help businesses in Cumbria to succeed.

Michelle Moore said: “There are so many thriving businesses in Cumbria, which just need a bit of support, advice or a cash injection to help them take their business to the next step. Our aim is to help businesses seek out new opportunities, expand into new areas and grow successfully; helping them achieve their business aspirations.”

Whether it’s a new business, a social enterprise or existing business expansion, Enterprise Answers can provide loans ranging between £3,000 and £100,000 to help assist local business development.

To date, Enterprise Answers has handed over more than £3.5m in loans to small businesses across Cumbria. Previous businesses that have benefited from assistance from Enterprise Answers have included Nicki B Ltd, Mr Vicki’s, Corrida Contracting Ltd, The Pheasant inn near Bassenthwaite, Eden Conservation, Kendal Upholstery, Merienda Cafe in Carlisle and Numech Engineering.

First published at 14:07, Friday, 06 July 2012
Published by http://www.cumberlandnews.co.uk