South Tyneside based Kates Slimming & Fitness Club has secured a £10,000 loan through the Finance for Business North East Microloan Fund, a regional loan scheme managed by Rivers Capital Partners.
It enables small businesses to access the money needed to expand or improve their business.
Kate’s Slimming Club aims to provide a friendly, personal experience in a modern, well-equipped fitness environment with the motivation of fully qualified instructors. The club is taking advantage of the increasing popularity of high intensity and dynamic fitness classes. An instructor guides a group of people through complicated routines they may not otherwise be able to complete in a regular gym or at home.
The club runs over 50 different types of classes a week, ranging from dance fitness to Boxing. The business is breaking down the barriers between traditional “female exercise” and “men’s exercise” to try and demonstrate the value of challenging your body’s capabilities.
The club takes a holistic view on looking and feeling good offering spray tans and tanning beds for its customers, and will very shortly be equipped to deliver a premium nail service. The club also sells discounted health supplements such as protein powders to encourage a healthy lifestyle.
The owner, Kate Marchant, has built the company up over five years, with 10 years experience in the industry prior to founding Kates Slimming Club. In 2009 she began to lead exercise classes in her local parish hall, only able to accommodate a few customers. By February 2014 she had bought her own premises and is now the owner of a highly successful fitness centre in the North East.
Kate first heard about the Microloan Fund through her business bank manager, and recommended she utilise the service. Kate was very pleased with the outcome, saying “It was really easy to do and the process was very quick.”
The fitness club owner will use the money from the loan to grow her business in a variety of ways, purchasing more fitness equipment. A fully furnished beauty salon and a crèche will soon become part of the club in coming months, a selling point for people that see childcare as an obstacle.
Rivers Capital Kristine Murane said, “It is great to see such a dynamic facility open in the area. The equipment Kate will buy enables the company to expand by increasing the number of members that can participate. This means plans that she has for the future are very achievable.”
The North East Microloan Fund provides small businesses in the region with loans from £1,000 up to £25,000. It is aimed at individuals who have a solid business plan, but are unable to secure mainstream funding.
The Microloan Fund is managed by regional Fund Managers Rivers Capital Partners, a business run by entrepreneurs for entrepreneurs. The decision to provide a loan is not based on the various assets a company may have, but rather the overall quality of the business. The loan process is speedy and hassle free with a two week decision time on average.