Car showroom driven to succeed thanks to First Enterprise loan
NottinghamCar.com’s owner Charles Sumner, benefited from two separate loans from First Enterprise to help fund the business’s phenomenal expansion.
The funding came from First Enterprise’s Enterprise Loans East Midlands stream (ELEM), which helps businesses across the region launch, expand and invest for growth.
The first ELEM loan of £20,000 allowed Charles to invest in essential stock, while the second loan of £50,000 was used to convert an outside storage area into much needed additional showroom space.
Charles said: “In difficult times when bank loans are often hard to secure for businesses like ours, it has been extremely helpful to have the support of First Enterprise. It means we’ve been able to expand and secure the jobs of the staff who work here, which has got to be good news.
“We did found the ideal premises which my wife and I renovated ourselves but I was being turned away from every financial institution for the additional backing I needed – until I found First Enterprise.”
Since opening, Charles has now boosted his showroom to more than 100 cars with a net worth of more than £450,000.
“First Enterprise offered me business support and a business loan of £20,000 to allow me to get started. I bought half a dozen cars and opened in October 2010.”