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NetInsight
A Truro-based E-commerce development agency has been boosted by a timely £20,000 growth loan made available through the South West Loans Fund.
NetInsight, which was set up by local graduates Mike Reed and Dan Hinchliffe, has beaten all of its sales targets and now boasts an impressive list of customers in the UK and overseas.
Earlier this year the Directors knew they needed a cash boost to support their ambitious growth plans. They were advised by their accountants Bishop Fleming to contact fund managers South West Investment Group Services Ltd, who gave a positive decision within a just a couple of weeks.
The South West Loans Fund is a region-wide scheme supporting small and medium sized businesses to finance expansion. In Cornwall and the Isles of Scilly this is made available through ERDF Convergence investment. The Fund helps those businesses which have growth plans but are unable to raise enough money from the bank and other sources. More than £4 million has so far been awarded to over 80 businesses since the scheme launched in 2009.
The loan to NetInsight has enabled the company to recruit new staff, implement a new marketing strategy and broaden its services into the Mobile market (iPhones/Smart Phones & iPads/Tablet PCs) through investing in new equipment, thereby giving added value to new and existing clients.
NetInsight has also benefitted from two other strands of Convergence business support - coaching via the Oxford Innovation Grow Cornwall programme (ERDF Convergence), and graduate recruitment support via Unlocking Cornish Potential (ESF Convergence).
Carleen Kelemen, Director of the Convergence Partnership Office for Cornwall and the Isles of Scilly, said, “I am delighted that the loan fund has been able to support NetInsight at this time. The company is intelligently identifying the types of Convergence support it needs to further its ambitious expansion plans.”
Dan Hinchliffe said, “The support we have had through this Fund is helping us to grow our share in the E-Commerce development market and increase awareness of conversion rate optimisation. We believe we have the expertise and the drive to gain a majority share in this field. Our E-Commerce product offers real value to businesses wishing to trade online globally.”
A recent exciting development is www.ibizadelivers.com, an exclusive, island-wide food and drink delivery service. Successful completion of the project has led to Mike and Dan being invited by their clients to the Balearic Island for a much-earned short break in September.
Ian Fraser, head partner at Bishop Fleming Chartered Accountants said: “At a time when small businesses are finding it difficult to access traditional bank funding, the South West Loans Fund is a vital lifeline to growth companies such as NetInsight”.