Wootton based Brightbulb Design is the latest Island business to benefit from the support of the Isle of Wight Lottery. The award winning company has borrowed £20,000 to help them move their established business to the next level. Founders Matt and Fiona Jeffery have welcomed three new staff members to their new offices and say that the interest free loan from the Isle of Wight Lottery has been instrumental in their growth.
“We needed to grow our business to meet demand,” Matt explains. “We’re an established business, not a start-up, with clients on the Island and in London. We’ve won several awards for our work and we felt we were ready to take the next step and to take on new employees.”
Matt and Fiona approached the Isle of Wight Lottery for a loan that would provide them with the financial stability to invest in a bigger team. With the cash injection provided by the interest free loan, the Brightbulb team has grown to eight staff.
“For an established business like us the loan has given us more confidence and a new opportunity,” Matt says. “It’s a cash-flow boost that has allowed us to invest in staff and give us a period of time to let them bed in. The loan definitely reduced any element of risk and provided us with the capital that we needed.
The new team celebrated the loan with a glass of champagne at Brightbulb’s new offices in Wootton. They were joined by the IW Chamber’s Chief Executive Steven Holbrook.
“The Isle of Wight Lottery is there for businesses of any size,” Steven says. “In the past our loans have typically been to start-ups but Brightbulb is a great example of an established business that has been able to continue to grow with the help of an interest free loan. The Isle of Wight Lottery is unique and if your business wants to grow, or needs investment to create or sustain jobs, then talk to us.”
Brightbulb Design is just one of the many business helped by interest-free loans from the Isle of Wight Lottery. Since its inception in 2001 the Isle of Wight Lottery has helped create thousands of local jobs by giving financial support to growing businesses. Whether your business is a new start up or an established business looking to move to the next level, you could get even bigger with the support of the Isle of Wight Lottery.
“Without the £20,000 interest free loan from the Isle of Wight Lottery we wouldn’t have been able to grow as quickly as we have, or take on people of such a high calibre. We’ve definitely moved forward faster. It’s been a massive boost and the Chamber has been a great support to us.”
Matt Jeffery, Brightbulb Design
Isle of Wight Lottery loans are interest free.
Repayable over 1-3 years.
For any amount between £500 and £50,000.
The loaned money has to be used to create or sustain Island jobs.