A local Ashington stone product manufacturer has received a cash injection from the Finance for Business North East Microloan Fund, a regional loan scheme managed by Rivers Capital Partners that provides small businesses with micro loans to fund their big ideas.
Sure Stone Northern manufactures and retails landscaping products from its base in North Seaton Industrial Estate, specialising in reproduction stone items. David Oliver started the company four years ago with a passion to create and sell good quality landscaping products and the business has grown quickly.
The company produces a unique double-sided walling block that has never been introduced to the UK market before and is in high demand. The carefully designed walling block resembles a stone wall on both sides, when it is in fact made of concrete. This means that less material is needed when it is used in construction, saving the customer money, without compromising on quality or detail.
Sure Stone also produces and retails a large range of decorative landscaping products, garden ornaments and bags of decorative aggregates. The company owns the patterns, designs and masters for its complete pre-cast range and can construct any moulds needed, ideal for clients who need custom made pieces. This makes Sure Stone products entirely different to anything else on the market.
David recently brought Sure Stone and its products to the GLEE exhibition in the NEC in Birmingham where his goods were well received and he was even able to pursue sales leads internationally. The company has now begun to sell concrete to Japan, effectively expanding its market across the globe!
When asked about what attracted David to the loan, he stated that he heard about the Microloan Fund by word of mouth and decided to apply, wanting to invest more money into expanding his business. He intended for the cash boost to cover working capital, translate into stock for the season and to purchase some new moulds.
David describes himself as being in the situation of many small business owners, stating that the banks were "not interested" so he turned to the Microloan Fund for support.
Commenting on the nature of the loan and the process of obtaining it, David proclaimed that the Microloan Fund is "great for small businesses that have been refused bank loans" and stated that mainstream lenders are now more receptive and interested in his business since the investment. He also commented on how "straightforward" the process was to secure the loan.
Nikita Bazko, Fund Manager at Rivers Capital Partners, said: "The North East Microloan Fund provides small loans of £1,000-£25,000 that can make a big difference to businesses like Sure Stone in the region. The Fund is ideal for inspired individuals who know that lack of finance is the missing link that is holding their business back".
The Fund is specifically aimed at businesses that have been struggling to secure mainstream finance and can provide affordable credit for those with a poor credit history. A loan fund ran by entrepreneurs for entrepreneurs, the decision to provide a loan is not based on the assets a company has but rather the overall quality of the business. This makes for a speedy, hassle-free funding process, which you are guided through by professionals every step of the way.
Read about the story in Bdaily and Insider.