Newcastle-based Westerhope Brake & Clutch Services has received a £25,000 loan via the Finance for Business North East Microloan Fund. The regional loan scheme offers small loans that can make a big difference to local businesses.
Established in 2010 by Martin Frankland, the business was founded with a vision to target the types of repairs that were not being serviced in the industrial sector in Westerhope and surrounding areas. Starting with only a small selection of hand tools Martin has grown from a small, one-man garage to a team of full-time expert mechanics.
The microloan has enabled the business to expand and open a new, fully-equipped garage in Crispin Court, Westerhope. Martin will be keeping his original premises to do bigger jobs such as welding and engine repairs. In his new premises the business will have the space to keep a large stock of tyres so customers can benefit from same-day tyre fitting.
Involved in transport and vehicle repairs for almost 30 years, Martin possesses expert knowledge in various sectors of commercial road transport and is also a qualified welder.
Commenting on the Microloan Fund process Martin said, “The application process was fairly straight forward. James and Nikita were both very helpful and knowledgable.”
Rivers Capital Partners Investment Executive, James Holloway said, “Martin is running an admirable business, and knows exactly how to make it a success. The Microloan Fund exists to support businesses like his, and we are proud to help him with his expansion plans.”
The Microloan Fund offers loans of £1,000-£25,000 to small businesses that are unable to receive financial backing from mainstream lenders. Rivers Capital Partners base their decisions on the quality of the business rather than its assets. It is a quick and easy process, with successful applicants receiving the money on average within two weeks.
Many regional businesses have benefitted from the Microloan fund since its inception in 2011. The Fund has helped create over 440 jobs and safeguarded over 660.