Tag: British Business Bank

Start Up Loans programme delivers £10 million boost to entrepreneurs in Edinburgh

Film and photography start-up, OJE Studios, is expanding its headcount and relocating operations to Edinburgh after a funding boost from the British Business Bank’s Start Up Loans scheme.

Founded by 19-year-old Omar Etherington-Brown, the studio offers a range of services including film and music production and photography, with a focus on promoting community engagement and local collaborations.

After securing a loan from the British Business Bank through GC Business Finance, Omar is expanding the team to five employees, including a business and finance manager and a film production crew, as well as moving the current music production studio from Dundee to Edinburgh.

The funding is the second time Omar has received support from the Start Up Loans programme, with an initial £10,000 helping him to set up the studio last year. Omar is the recipient of the ten millionth pound in start-up funding for entrepreneurs in the capital city, with 897 businesses supported since the programme’s inception in 2012.

OJE Studios supports many community projects with videography and photography. These include Spit It Out Festival, which provides workshops, talks and live performances to bring together people from marginalised communities who have experienced discrimination because of mental ill health, and Movement, a new club night to support local up-and-coming talent.

Building on the growth of the studio business, Omar is also launching a sister brand called Krazy Niights to promote small and independent night life events and venues throughout Edinburgh. 

Omar Etherington-Brown, founder of OJE Studios, said: “The business has gone from strength to strength in the last year, and I have now left my full time job as a software engineer to focus on OJE Studios and grow the team. Our new business and finance manager will also support growth and development, focusing on partnerships like the one we have with Movement.

“With a talented crew of photographers, videographer and editors we have the skills to create amazing content that inspires people through promotional photography, short films and music videos. We want to showcase the smaller and lesser-known parts of Edinburgh – from nightlife and restaurants to independent artists and venues.

“The finance from the Start Up Loans programme was pivotal to getting our studio to this stage. When I first started, it was just me and my idea, and it’s been fantastic to see the business come to life with this funding.”

Barry McCulloch, senior manager, UK Network, Scotland, at the British Business Bank, said: “Reaching £10 million of funding to business founders in Edinburgh is a huge achievement for the Start Up Loans programme and demonstrates the entrepreneurial spirit in the city.

“Creative businesses like OJE Studios are not only important for our cultural identity, but they also create jobs and attract investment into the sector.

“Since the launch of the programme, we have supported smaller businesses across a diverse range of sectors and this milestone highlights the success of the scheme in improving access to finance across all parts of the UK.”

£150 million budget boost for Scottish small businesses

The Chancellor is expected to announce a new, £150 million fund to help thousands of small and medium sized enterprises in Scotland in tomorrow’s budget – building on the Government’s commitment to level up opportunities across the UK.

The fund will be delivered through the British Business Bank, working closely with local partners, and will help Scottish SMEs to invest and grow. It will build on the success of existing funds in other parts of the UK, which have been shown to support the creation of high-paying high productivity jobs and the upskilling of existing workforces.

Similar existing funds in England and Northern Ireland typically provide loans or invest in local companies – this can be recent start-ups looking to borrow smaller amounts to kickstart activity or established SMEs looking for larger investments to grow their business. Details on how businesses in Scotland can access the fund will be outlined in due course.

Chancellor Rishi Sunak said: “This fund will help thousands of small businesses in Scotland to make ideas a reality and grow their companies . I’m always impressed by the innovation and determination of SMEs and the UK government will continue to support businesses across the UK.”

Since the start of the pandemic the UK Government has spent £352 billion right across the UK on support measures. In Scotland this included protecting more than 900,000 jobs through the furlough scheme, £294 million in self-employment support, help for businesses and the procurement of vaccines.

In addition to the £150 million for Scotland, Wales will benefit from £130 million for a new fund and the British Business Bank will receive an additional £70 million to build on existing programmes in Northern Ireland.

Edinburgh’s Maison Sport secures Future Fund investment

Game-changing ski instructor platform Maison Sport is among only a handful of travel businesses to secure finance from the UK Government’s Future Fund.

The trio behind the innovative tech start-up, which connects skiers and snowboarders with some of Europe’s best instructors, set out to apply for the funding support in May 2020, at the height of the pandemic, when the scheme launched.

With the travel sector hit hard by the impacts of Covid-19, Maison Sport felt the effects of closures at countless resorts across Europe and ski holidays cancelled for many.  The funding has given the tech start-up a much-needed financial boost, allowing the platform to continue to support independent instructors across Europe.

The Future Fund – developed by government and delivered by the British Business Bank – was established to support the UK’s innovative businesses affected by Covid-19. It was created for businesses unable to access other government business support programmes, due to being pre-revenue or pre-profit and typically reliant on equity investment. 

With a third-party investor willing to support the growth and ambitions of Maison Sport, the trio of founders were able to apply for the convertible loan which saw the government match their investor funds.

It is the latest success in Maison Sport’s fundraising drive to ensure the business survives and thrives through the pandemic.  

Over the past six months, the business has secured further funds from their existing advisory board members Kevin Byrne, Founder of Checkatrade.com and serial entrepreneur Lorenz Bogaert, as well as new investor, Gareth Williams, Co-Founder of Skyscanner. This will enable Maison Sport’s expansion into new markets globally and will help to grow their impressive international portfolio of instructors and customers.

Started by three former ski champions – brothers Nick and Olly Robinson and Aaron Tipping – Maison Sport has more than doubled the number of instructors in its marketplace throughout the pandemic. It is currently represented in more than 350 resorts, with over 1,200 qualified instructors across France, Switzerland, Italy and Austria.

The aim now is to expand into four new markets this year – Scotland, Norway, Sweden and Japan – with plans to move into Asia and South America next year.

Founder and CEO Nick Robinson says: “We’ve worked so hard to remain positive and ambitious over this past year or so. The Future Fund initiative has really given us a boost to move on to the next level.

“As the only platform dedicated to independent instructors, we’re really optimistic about the way Maison Sport is evolving and we’re looking forward to spreading our vision globally.”

Future Fund, delivered by the British Business Bank, has allowed companies to apply for a convertible loan with private investors at least matching the government investment. 

For more information visit www.maisonsport.com