Budding entrepreneurs across Hampshire, Dorset and the Isle of Wight are being encouraged to take up Government backed start-up loans to launch their enterprises.
Business support specialist, WSX Enterprise, is working in partnership with delivery partner South West Investment Group, which administers the loans – the minimum amount being £500.
With a competitive interest rate of six per cent, this Government scheme is aimed at giving embryonic enterprises the nourishment to start, develop and grow.
WSX Enterprise will provide the necessary guidance to applicants with submitting a business plan, which is part of the process.
Additionally, WSX will arrange for a mentor to work with the business for 12 months after the loan has been disbursed.
A Financial Times report indicated that 20 per cent of failed businesses would still be trading had they sought qualified advice and guidance from the start.
Chris Darlow, from WSX Enterprise, said: “Over the last year around 16,000 new start-up businesses were registered in Hampshire and Dorset and many more were in the process of launching.
“The failure rate is too high and we need it to come down significantly. This is why the initial guidance and subsequent mentoring support is so important.
“In many cases the free support programme is as important as the money.
“The loans are available as long as a business has been trading for less than a year, and they are strongly encouraged to apply through WSX.
“We’re aware that there are many businesses starting up and some may not realise that both the loans and free support are available.
“I’d encourage them to get in touch with us and apply for a loan which could make all the difference.”
