Service 2000 wins inaugural Walsall loan
A Walsall-based domestic appliance repair company has become the first business to benefit from the Walsall Business Loan Fund.
Service 2000 received £30,000 from the newly-established investment pot.
The fund, launched in July, was created to help Walsall businesses which are unable to obtain finance from traditional sources.
It is run by Walsall Council in conjunction with the Black Country Reinvestment Society (BCRS).
Service 2000 applied for the loan to help finance its existing domestic appliance repair trade. It also plans to expand its newly formed business which specialises in bespoke kitchen furniture.
The company employs 40 people and has a turnover of £3m.
Paul Carpenter, operations director for Service 2000, said: "We found it very difficult to gain finance in the beginning. Unfortunately I believe that mainstream lenders are not in the market to lend to small businesses. For me failure is not an option. We have grown this business and we are more than happy to be here seven days a week if the need is there.
"Most SMEs have the market, the plan and the products, but lack of finance is actually stopping them from progressing."
The Walsall Business Loan Fund, managed by BCRS, will loan between £10,000 and £50,000 to Walsall businesses.
