Cornwall-based entrepreneur, Sam Downing, has received a £15k Start Up Loan to develop his running apparel business, Ponnek Ltd.
The funding will help secure an ethical supply chain and purchase initial stock. The loan also supports marketing ahead of the business launch.
Downing is currently the sole employee at Ponnek, however, he plans to take on a part-time employee within the first 12 months of trading.
Downing is also employed full-time as a civil engineer. Having previously worked for his family business in international wine sales, he has a good understanding of how to run a business, particularly how to manage people, budgets and cash flows.
He said “Without this funding, I would have struggled to give Ponnek the start that it has had, or even to have started it at all. It’s great that I can repay the loan in manageable monthly repayments, this helps with the business’s cash flow. The fact that I was assigned a mentor upon receiving the loan, has also been invaluable.”
SWIG Finance’s, Mark Thayre, added: “Sam is passionate and focused. His loan application was refreshing because he was not over-ambitious with his sales forecasts and had set realistic sales targets.
“Crucially, Sam is fully aware of his knowledge and skills gaps and is addressing these shortfalls by enrolling in several business support programmes. Sam’s determination to succeed is commendable.”