Located in Inverness, The Koko Rooms is a newly refurbished Victorian detached villa offering 4 beautifully presented en-suite rooms providing guests with luxury accommodation at an affordable price.
With a strong tourism market for those looking to explore both the City and the Highlands, Steven and Romaine Rutherford, who recently moved to the area, decided to purchase the property which had previously been used as a B&B, to start their new venture of running their very own accommodation business.
Seeking funding to support their refurbishment plans for the property, the joint Partners turned to Business Loans Scotland (BLS) and after submitting their application online, successfully received a £70,000 loan as part of a wider funding package.
Led by a consortium of Scotland's local authorities, BLS can offer loans from £25,000 up to £250,000 to new and established businesses throughout Scotland. By giving businesses access to an invaluable new source of funding, these loans may be used flexibly for several purposes, including but not limited to, working capital, the purchase of plant or equipment, investing in business property and expanding into new markets.
Fully funded by the Scottish Government, BLS aims to give businesses access to funding that will support their growth and expansion plans. Whilst securing finance can be a major hurdle, particularly for small and medium sized businesses, this Fund will give businesses the opportunity to secure the finance required to realise their ambitions.
Growth Loan Provided
It became apparent that our original budget to complete the refurbishment was inadequate, not only due to an increased scope (not budgeted for) but also due to increased costs on the whole. We researched funding options and honestly the most credible option was to make an application to BLS. They were one of very few options that offered a loan solution specific to our situation and with reasonable finance rates and repayment terms.
Partner of The Koko Rooms
The £70,000 invested in The Koko Rooms demonstrates Business Loans Scotland’s commitment to supporting small and medium sized enterprises in Scotland with finance to start up and grow. With funds issued and refurbishment works now well underway, I look forward to seeing the business thrive and for guests to enjoy the luxury accommodation on offer which in turn will also help to support local tourism and the economy.
Fund Manager, BLS
If you think you are ready to apply for funding and have all the relevant documents and information prepared according to our checklist, then you should proceed to submit an enquiry. One of our Loan Officers will be in touch to discuss your enquiry.Apply Today
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