Funding package is right fit for Rackety's
Clothing design company Rackety's is preparing to expand globally after securing investment from the Staffordshire Business Support Fund (SBSF).
The Leek-based business, which specialises in producing clothing for children with disabilities, said the loan would initially be used to replenish stock.
Owner Annabel McMahon started the company with her own finance, operating as a mail order business. Rackety's now has franchises operating in Norway, Australia and the USA.
McMahon secured funding from SBSF, which is administered by the Black Country Reinvestment Society (BCRS).
Nick Cooper from BCRS said: "Rackety’s is a great business – it's won several awards, and Annabel has the business acumen to make it succeed – but it's not going to tick the right boxes for the banks. That's where we come in – we’re interested in the character of the business, not just its assets."
McMahon said she plans to invest in new stock and expand the international franchise aspect of the business with the funding.
After lending £1m to 39 projects, SBSF has grown its funding pot to £2m for businesses in the county.
