Sir Thomas White Loan Charity Trustee, Bill Jones, provides an insight into the initial success of a borrower of one of the charity’s interest-free business loans, following his recent visit to see how things are getting on…
One of the things that I believe is so special about The Sir Thomas White Loan Charity is that our support and interest in a borrower’s business idea doesn’t stop when they’re approved for a loan. We genuinely care about the project an applicant has set out and we want them to succeed. That’s why, on an annual basis, us trustees visit our borrowers’ businesses to see how things are progressing.
For me, it’s one of the most rewarding things to experience.
A great example came recently, when I visited James Taylor. James took out a business loan to establish his business, Moose House of Hair, in Market Harborough. James was approved for a loan in December 2017, so my visit to his business on 18 January 2019 was the first by a Trustee. To say that things are going well would be an understatement.
As with all businesses following a plan, things change. James’ original plan was that he and his wife (Jenna, pictured with James) would be working for the business. However, the pair welcomed a new arrival, which meant that plans changed. Therefore, James has two other stylists working for the business – and such is the initial success; he is hoping to recruit a junior to train in the near future.
James’ predicted turnover in the opening year of business was £74,600. With the business officially opening in March 2018, Moose House of Hair will celebrate its first birthday in two months’ time – however, the figure predicted has been surpassed. After just nine months’ of business, James will be applying for VAT status, as his turnover has exceeded £85,000.
As he’s still in his first year, James also has two years remaining before he commences his equal monthly repayments too – so it’s another great example of how our loans are great compared to other lenders.
We give borrowers a chance to get their businesses going, to bring money through the till and endure/overcome initial challenges, before repayments start.
It’s an incredible beginning for James and Moose House of Hair and we can’t wait to see how things progress.
You can visit https://moosehouseofhair.co.uk/ for more information on James’ salon.
For more information on The Sir Thomas White Loan Charity’s interest-free business loans, please click here