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31.03.03
Finance Cornwall helps St Ives transport business to grow

Finance Cornwall, the £20 million investment fund for businesses in or locating to Cornwall, is helping a St Ives-based specialist transport company expand by providing funding from its Business Loan Fund.

Finance Cornwall is a £20 million investment fund backed by £9 million from the Objective One European Regional Development Fund, £10.12 million from Barclays Bank and £880,000 from Cornwall County Council.

3 Lanes Transport is a long established family owned and run business currently employing six staff. Its fleet of six vehicles provides a nationwide service specialising in the transportation of fragile goods and time sensitive deliveries.

Originally founded by brothers Kevin and Robert Lane, the business is now run by Kevin and his wife Helen and has a number of prestigious clients, including Superdrug, GAP, Dorothy Perkins, Burtons, Honda and Christian Salveson.

The company wanted to expand and approached Finance Cornwall for help in putting together a funding package to invest in new vehicles, staff and training. Finance Cornwall has provided almost half the required funding through its Business Loan Fund, with the balance coming from Assetline, a subsidiary of Barclays Bank.

Helen said: "We're a successful business operating in a niche market but like many small businesses we had difficulty putting together the right funding package for our expansion, which is why we approached Finance Cornwall. Thanks to their help we've just invested in a new vehicle and we expect to take on around eight new staff as the business grows."

Jeff Lenihan, Finance Cornwall's Business Loan Fund manager, said: "3 Lanes Transport is a great business providing a bespoke service to clients across the UK and we were delighted to be able to help.

"The Finance Cornwall Business Loan Fund can provide between £5,000 and £50,000 to qualifying businesses over a period of up to five years, and because interest rates are fixed for the duration of the loan applicants have the security and peace of mind that rates won't change. They can also qualify for a 40% interest rebate subject to the conditions of the loan being met, and we can provide ongoing subsidised support with a mentor if appropriate."

Finance Cornwall operates three different funds providing loans and equity investments ranging from £5,000 up to £650,000 to viable small and medium-sized businesses that cannot source all the funding they need from elsewhere.

This might be because the business is too small, it does not have a sufficient track record of trading, the balance sheet is weak or the business does not have enough collateral.

Funding is available to businesses whose principal place of operation is, or will be, in Cornwall or the Isles of Scilly. The funds are managed by Alliance Fund Managers Ltd, which is regulated by the Financial Services Authority in the course of investment business.

To find out more click here to visit the Finance Cornwall website.

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Editor's notes:

The three Finance Cornwall funds are:

Business Loan Fund: loans from £5,000 up to £50,000 for viable, privately owned small and medium sized enterprises in Cornwall and Scilly whose funding needs cannot be fully met from other sources.

Mezzanine Loan Fund: loans from £50,000 to £250,000 with equity options for viable, privately owned small and medium sized enterprises in Cornwall and Scilly whose funding needs cannot be fully met from other sources.

Equity Fund: equity investment of between £50,000 and £500,000 for viable, privately owned small and medium sized enterprises in Cornwall and Scilly whose funding needs cannot be fully met from other sources. Attractive to businesses that have exhausted alternative loan or private resources but still need additional funds for growth.

Finance Cornwall funds are managed by Alliance Fund Managers Ltd, which is regulated by the Financial Services Authority in the course of investment business.

For more information contact:

Jeff Lenihan
Business Loan Fund Manager
Finance Cornwall
01872 272288
www.financecornwall.co.uk

Helen Lane
3 Lanes Transport
01736 799298

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Jason Clark
Communications Manager
Objective One Partnership Office
Castle House
Pydar Street
Truro TR1 2UD
Tel: 01872 241379
Fax: 01872 241388
jason@dclark.co.uk

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