Hannah Woodgates Hair Design in Bude, Cornwall successfully expanded her business using funding from British Business Bank partner Liberis Finance.
The British Business Bank is 100 per cent Government-owned but independently managed. It works with more than 130 partners such as banks, leasing companies, venture capital funds and web-based platforms to help small businesses.
Owner Hannah tell us more about how she grew her hair salon.
“I run a hair salon in Bude, Cornwall. I wanted to expand and have recently bought the building next door to move into.
I needed extra funding to expand my business as it was growing quicker than I had anticipated.
I received a flyer in the post from Liberis and it looked incredibly simple and easy to understand how to apply for funding. So I applied the same day.
I successfully applied for two rounds of funding through Liberis’s Merchant Cash Advance programme. I received £4,500 in 2016 and then a year later £9,000. It gives businesses better finance options which are right for businesses like mine.
The terms are better, as well as being flexible as they understand the fluctuating incomes of small businesses like mine.
I pay the money back in low instalments only when the business is paid. That means every time a client pays for a haircut, a small percentage of that goes into paying back the cash advance.
Without this funding, supported by the British Business Bank, my business simply would not be what it is today. I wouldn’t have been able to expand and hire more stylists. It has been the best decision I have made and has given me the business that I never thought I’d be able to achieve.”
Explore finance options and find funding to suit your business with the British Business Bank Finance Hub.