An extended market local company gains Microloan funding boost

November 13th 2015

MIDDLESBROUGH-based hair extension supplier has secured a loan 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.

For Her currently packages, sells and fits both real and artificial hair extensions in its shop within the Cleveland Centre in Middlesbrough. The company is taking advantage of the growing beauty market in Britain and the business' early success is proof of that.

The company has an edge over other retailers in the region as Ashleigh Hall, Director at For Her, has a good relationship with the extension manufacturers in China. Her relationships mean that she can sell her products much more cheaply and other companies often buy their stock from her due to its competitive pricing.

Ashleigh heard about the Microloan through her bank manager who recommended it as a good route to finance for a small business owner.

With the money from the Microloan Fund, Ashleigh hopes to rent and decorate a warehouse, which is where she will keep her stock. She will also employ more staff and engage in a series of marketing campaigns to promote her outlets in Middlesbrough and the Metrocentre.

With the support from the Microloan Fund, Ashleigh sees her business as growing rapidly within the next few years, and hopes to open up another wholesale warehouse somewhere else in Britain.

Ashleigh said: "The Microloan process was easy and quick. The Rivers Capital staff that helped me apply for the funding were helpful and friendly.

Nikita Bazko, Fund Manager at Rivers Capital Partners, said: "Starting the company at just 17, Ashleigh is a very ambitious entrepreneur with a good mind for what is necessary to grow her business."

The North East Microloan Fund provides small loans of £1,000-£25,000 that make a big difference to businesses 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 run 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, are guided by professionals every step of the way.