Mylor-based watersports business, Windsport, has received funding to support the business during the current Covid-19 outbreak.
The £50k loan, provided by SWIG Finance via the Coronavirus Business Interruption Loan Scheme (CBILS) and supported by Triodos Bank, will help safeguard six local jobs and provide some additional working capital to help see the business through to next year.
Windsport caters for ‘water fun’ of all kinds, from kayaking and stand-up paddle boarding, to sailing courses in dinghies, catamarans and powerboats. As well as this, it provides a boat repair service and venue hire for events and weddings.
The family-run business, which has been operating for over 30 years, has experienced a significant drop in trade due to the strict social distancing measures put in place by the Government.
While the road to full recovery depends on lockdown measures being lifted, owners Brian and Catherine Phipps are optimistic about the future of the business with good growth opportunities identified, which will be taken forward by their son Tom and business partner Alex Metcalf, who are taking over the ownership reins.
SWIG’s business manager, Clare Lenihan-Thomas, commented: “This is a unique business that has become very well-known in the industry. We are delighted to play a part in supporting the business during these challenging times, and we are excited to see how the business continues to evolve post-Covid-19.”
Business owner, Catherine Phipps, added: “We are thankful for SWIG Finance’s support. This has been a challenging time, but thanks for the funding boost, we are now able to look ahead and focus on the future. Our business manager Clare was supportive throughout the application process and ensured that the funds were released swiftly.”