A NEW restaurant is on track to achieve first year sales targets after receiving £77,000 of bank support.
Launched by Neville King and Kate Hannaford, the Beetroot Grill and Café, on Bridge Street, Morpeth, serves more than 1,200 customers a week, and is on target to achieve annual sales of £500,000.
It was started using a £77,000 Enterprise Finance Guarantee (EFG) loan from Lloyds TSB Commercial.
Kate Hannaford said: “Launching our business has not been without its challenges.
“However, with support from Lloyds TSB Commercial and the grand opening, the success of Beetroot Grill and Café has exceeded our expectations.”
Rachel Gowland, relationship manager for Lloyds TSB Commercial, said: “The EFG loan is suitable for start-up businesses such as Beetroot Grill and Café, who may lack the security necessary to secure traditional lending.
“At Lloyds TSB Commercial we are committed to supporting smaller businesses and as of January this year, we had offered over 4,000 EFG facilities, making almost £300m available to SMEs across the UK.”
The success of the Beetroot Grill comes as findings of a new report suggest there is still frustration at the banks’ approach to lending.
This agreement between the British Government and four major banks aims to promote lending to small businesses.
