GetSet for Growth launched in Bournemouth in January 2014, thanks to the generous support of J.P. Morgan.
In its first year, GetSet successful achieved (and exceeded) all project targets, with several at least doubled, and in the case of helping clients access finance, trebled. To date, the project has created and safeguarded 43 jobs and enabled funding of £240k from various sources including Growth Hub Grants, Charitable Grants, Business Loans and equity finance. A considerable proportion have found that financial re-structuring has released further working capital into their budgets and at this stage no longer require additional funds to achieve organic growth.
Client engagement reflected an excellent gender balance, a good mix of sectors and size companies, and a higher proportion of ethnic minority businesses than their percentage representation in the local population. Demonstrating the inclusivity of our project was very important, as well as engaging businesses widely across Bournemouth wards.
Most businesses supported were sole traders and micro businesses looking to grow, representing their strong domination of the SME business profile across the UK (75% are sole traders, 95% employ less than 5 people).
20 businesses were referred to GetSet via its sister service, Outset Bournemouth, which delivers essential start-up support to new business owners in the area. This provides a real demonstration of how through collaborative working and funding partnerships, an effective continuum of business support through the critical early years can be created.
We are proud to have achieved 100% very good or good satisfaction levels, which is a testimony to all the hard work of our team, and their preparedness to go above and beyond what was required.
Off the back of this successful Bournemouth project, J.P. Morgan has now invested in a larger GeSet for Growth programme launching in East London later this year.