18 March 2013

Printing.com to champion the Start-Up Loan Scheme

Printing.com, the AIM listed online print company, has become one of the first private sector Delivery Partners for the Government’s Start-Up Loan scheme.

The £112 million government initiative helps young people to start their own business by providing loans of up to £10,000 alongside business mentoring.

As a Delivery Partner, Printing.com will assist applicants with their business plans and vet loan applications, approving Start-up Loans where appropriate.  Other Start-Up Loans Delivery Partners include The Prince’s Trust.

Launched in September last year, the scheme’s age range was recently broadened to allow people up to 30 years of age to secure a Government Start-Up Loan.

The scheme is headed up by former ‘dragon’ James Caan and was designed to provide the necessary seed finance for young entrepreneurs who have both a good idea and entrepreneurial drive, but lack the sounding board that a mentor can provide along with the security of financial backing. 

Tony Rafferty, Chief Executive of Printing.com, explains: “Our main focus will be to help young entrepreneurs wanting to take their first steps into digital or indeed cross media, which provides a platform for entrepreneurs to integrate production at a later date.  We have a wealth of experience built up over many years in both these areas.” Indeed, Rafferty highlights that much of the mentoring structure that his Company intend to use was developed to underpin the Company’s Franchise model.

Of course, the scheme is open to applicants wanting to start a business in any sector.  Indeed, Rafferty is keen to point out that them becoming involved in the scheme isn’t simply about funding Printing.com Franchises or W3P partners.  Explaining “it doesn’t matter if they start a business, never buy anything from Printing.com but partner with a competitor, we want to help any young entrepreneur with a good idea take their first steps in building a business.”

James Caan, Chairman, of Start-Up Loans Company, said: “We welcome  printing.com’s involvement in the scheme and we are thrilled with the momentum the scheme continues to maintain.  To be an entrepreneur is more than having a job. It gives you the freedom to make your own mark, in the way in which you choose, and create your own path to success. It can be challenging, and exceptionally hard work, but the rewards are immeasurable.”

A key element of the Start-Up Loans scheme is business mentoring.  This starts with helping with the business plan before the loan is approved along with on-going mentoring over the first year.  The objective of the scheme is to help fund 25,000 new businesses by 2015 and mentoring is seen as key to ensuring more of them go on and succeed.

Rafferty started Printing.com at the age of 24 with a £3,000 loan from his father, operating from home with only a computer, a laser printer and a fax machine.  This provided the basis for him to later integrate production. The company is now listed on AIM and has global operations. He added: “In our sector you still really can create a business with just a Mac, Adobe’s Creative Suite and a connection to the internet – provided you can afford the hardware and software.  The scope of the Government Start-Up Scheme provides this level of funding, or indeed it could be the liquidity on the finance for an entry level digital press.”

In the first instance applicants should visit www.printing.com/entrepreneurs.  Applicants are invited to submit their business plan or simply an outline of their idea.  A Printing.com mentor will then get in touch and take them through the process.

The essence of the scheme is about helping would-be entrepreneurs with a credible plan to get going as quickly as possible.  Indeed, potential loan recipients with a business plan that ticks the boxes could see their applications turned around in about a week.