Lending directly to small businesses to create entrepreneurship scholarships
The University of Huddersfield has lent to over 2,000 UK small businesses through Funding Circle, thanks to a partnership where the University became the first to lend directly to businesses through a lending platform. Launched in 2013, the tie-up has created opportunities for students through entrepreneurship scholarships. Professor Bob Cryan, Vice-Chancellor at the University said: “I was originally drawn to Funding Circle because I felt that the platform’s innovative approach to investments and small businesses was a strong match to the ethos of the University.”
Four years on, the University continues to lead the way in this area, having committed a further £1 million to the programme in 2014 after the initial investment of £100,000. One of the local businesses that has benefitted from the University’s lending is Ushiwear, a British clothing brand launched by husband-and-wife team Neil and Jilly Kapusi. The passionate duo were able to build on their success and go for growth after accessing finance through the platform.
“The capital injection from the University through Funding Circle has allowed Ushiwear to grow exponentially. We’re now currently in the process of a complete brand overhaul with everything from a new website, to a new shop, to new product lines. We’ve been able to invest in new equipment, boost our advertising and marketing and expand our team.” said Neil.
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