Penny Stannard is the owner and company director of The Private Ear Clinic. After becoming a fully qualified audiologist and hearing therapist, Penny has held many positions in the field, her experience spanning back to the mid-nineties. After working for many different organizations Penny realized that there is a great need for private ear health and therefore decided to fill that void by starting her own business.
before officially opening her doors to the public Penny needed additional funding in order to finance the purchase of microscopic loupes, an integral piece of equipment that would allow her business to become mobile.
Penny began searching online for different funding opportunities that she may qualify for when she came across the UKBFC website. "The UKBFC provided me with a list of companies and banks that gave grants/loans". Through this list Penny was able to get in touch with the Lloyds Bank which provides low interest business loans to entrepreneurs. In particular, The Funding for Lending Scheme provided by the Lloyds Bank is supported by the Bank of England and the British government. "As part of our participation in the scheme, we have reduced the interest rate by 1% on all approved loan, commercial mortgage and hire purchase applications received after the10th of September 2012.
The bank states "reducing the borrowing costs for small and medium-sized businesses is just one way we're going further to help our customers, and Britain, prosper".
After going through a relatively easy process of attending an interview at the bank, filling in paperwork and providing her company details, Penny was approved for a low interest loan of £2500. Without this funding Penny states that she would not be able to get her business up and running.
The Private Ear Clinic has been open since April 2015 and it is already fully booked. Penny's advice to other entrepreneurs who are seeking funding for their small businesses is to "research all your options". In order to find the right funding programme, an entrepreneur's best course of action is to conduct thorough research, to make sure that you know exactly what is available to you. As for her own business, Penny is looking forward to expansion and growth.
If you are an entrepreneur interested in starting your own small business, consider looking into the UKBFC website to find out about the financing options that are available to you, you can also call us toll free at 0800 082 3445 for further assistance.
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