Four British firms awarded £7,500 prize in microentrepreneurship awards celebrating their success and support from responsible finance providers
An artisan fish smokehouse, a maker of cajon percussion instruments, a chocolatier and a firm manufacturing and selling gear for climbers, bikers and outdoor enthusiasts took the top prizes in this year’s Citi Microentrepreneurship Awards, delivered in partnership by Responsible Finance and the Citi Foundation.
All the winners have grown their ideas into enterprises that are creating jobs and opportunities for the local community.
Each was supported by a “responsible finance” provider at a time when they were unable to access traditional finance they needed to develop. And the four firms (The Argyll Smokery, Ruach Music, Harry Specters and Alpkit) were yesterday named the winners in The Citi Microentrepreneurship Awards.
Launched in 2005, (and in 2013 in the UK), the Citi Microentrepreneurship Awards were established by the Citi Foundation to recognise best-in-class microentrepreneurs and celebrate the responsible finance sector and their contribution to national economies.
Each winning business received a prize of £7,500 at the award ceremony in Glasgow, attended by several hundred businesses and responsible finance providers.
Winners’ profiles:
“Young Microentrepreneur of the Year” award winner Stephen Henderson founded Ruach Music which produces and sells handmade Cajons, equipment for guitarists and electric guitars.
Henderson, now 22, built his own Cajon (a percussion instrument) after playing one at a jam session in 2011 and loving it.
Stephen made and refined more Cajons and realised this hobby had potential to become a business. After finishing his A-Levels in 2013 he secured his first retailer.
Ruach Music Ltd now has 6 full time staff, 20 stockists across the UK and distributors in the USA and Republic of Ireland. The firm’s growth came after working capital finance support from Enterprise Northern Ireland. Sales growth meant the business needed a cash flow facility to fund larger raw material purchases for their handmade musical instruments in order to be in a position to fulfil new orders as they come in.
Nottingham-based business Alpkit took home the Citi Microentrepreneurship Award for Growth. Alpkit designs, manufactures and sells outdoor gear and equipment.
The firm has significantly increased turnover and has grown staff numbers from 12 to 63 people after working with Nottingham-based “responsible finance” provider, Enterprise Loans East Midlands (First Enterprise). Since the loan, which supported a major investment in IT systems, Alpkit has scaled up its manufacturing and opened its own retail stores.
Now every week the business’ 63 employees make more than 1500 products for climbers, hikers and bikers, earning a reputation for quality and affordability. And Alpkit plans further shop openings in 2018 alongside the creation of 15 more jobs.
Karen Baxter and Allan McDougall own and operate The Argyll Smokery, an independent traditional artisan fish smoke house which carries out all of its processes by hand and was named the winner of the Citi Microentrepreneurship Award for Sustainability.
The business employs 3 full-time and 2 part-time people from the local area, all trained with an emphasis on attention to detail – every step of their process, from fish filleting, smoking, trimming, slicing, through to packing and dispatch is done by hand.
Having consistently increased turnover every year since launching in 2010, the Argyll Smokery supplies wholesalers, retailers and supermarkets.
The firm purchased their own premises after working with Glasgow-based “responsible finance” provider, DSL Business Finance Ltd, which provided a business loan when an application for bank finance was declined, despite a sound trading record.
Ely-based deluxe chocolate business, Harry Specters (photo above) won the Social Enterprise of the Year accolade in the Citi Microentrepreneurship Awards. Harry Specters has a mission to offer confidence and hope to young people with autism. It has already provided training and work experience to 183 autistic people.
Founder Mona Shah was a corporate governance advisor with a love of chocolate, an autistic son and the mindset to make a difference. Whilst undertaking a chocolate making course, Mona had an epiphany: making and packaging bespoke quality chocolate involves a series of very routine tasks; perfect for some individuals on the autistic spectrum.
Harry Specters has now grown to employ 4 full-time and 5 part-time employees (6 of whom are on the autistic spectrum). A loan from Bury St Edmunds-based responsible finance provider, Foundation East, helped Harry Specters’ team to develop its business plan.
Awards for Responsible Finance providers too
Launched in 2005, (and in 2013 in the UK), the Citi Microentrepreneurship Awards were established by the Citi Foundation to recognise best-in-class microentrepreneurs and celebrate the responsible finance sector and their contribution to national economies.
Two Responsible Finance received awards recognising their impact and their resilience:
Wales’ Robert Owen Community Banking took home the Impact Award, and Lancashire Community Finance the Resilience Award.
And two individuals working for responsible finance providers were given special awards. This year’s Responsible Finance Leader Award went to Steve Walker, Chief Executive, ART Business Loans, West Midlands. The Outstanding Loan Officer Award was made to Xiao Liu of Business Finance Solutions.
Responsible Finance providers are a crucial part of the UK’s financial sector and the leading financial institutions offering affordable finance to many small and micro enterprises.
There are 27 responsible finance providers in the UK that lend to business that struggle to get finance from the mainstream banking industry. The businesses they lend to are often deemed too risky or unprofitable by mainstream banks due to a lack of trading history or small scale: 93% of business customers lent to by the responsible finance industry in 2017 were declined by other lenders.
The Citi Foundation is committed to supporting and celebrating the responsible finance sector, as well as youth entrepreneurs through its Pathways to Progress initiative that is tackling youth unemployment globally.
Jennifer Tankard, Chief Executive of Responsible Finance, said:
“The Citi Microentrepreneurship Awards play a significant role in celebrating the innovation and drive within the responsible finance sector.
“Responsible finance providers play a critical role in supporting successful entrepreneurs, many of whom were unable to get finance from other sources, resulting in job creation and local economic growth.
“In 2017 the sector lent £67 million to over 5,000 businesses. 935 of these were previously turned down by a bank. The Award finalists demonstrate the range of business innovation taking place across the UK.”
All of the businesses shortlisted in the Citi Microentrepreneurship Awards, which are delivered in partnership by Responsible Finance and the Citi Foundation, have benefited from an affordable loan from a responsible finance provider and have contributed towards local economic growth in the UK.
“The winners of this year’s Citi Microentrepreneurship Awards once again represent a diverse range of innovative microenterprises, which are creating jobs, building livelihoods, and offering vital products and services to their local communities,” said Bob Annibale, Global Director, Citi Inclusive Finance and Community Development.
“These awards celebrate today’s microentrepreneurs, sharing the stories of their journeys so that they can inspire the next generation of British entrepreneurs. It also recognizes the important role responsible finance providers play in supporting the entrepreneurship ecosystem, which enables many microenterprises, including this year’s winners, to grow and scale their businesses.”