Success Story
Meet Tracey Gilbert-Falconer, Funding Manager at Câr-y-Môr, the first community-owned regenerative ocean farm in Wales. With a diverse membership of over 300 individuals from various backgrounds, Câr-y-Môr has become a shining example of community-driven sustainability and innovation. However, the journey to establish this unique farm came with its own set of challenges, particularly in securing the necessary funding to expand operations and enhance cash flow.
| Region/Nation | Wales |
|---|---|
| Sector | Agriculture, Forestry and Fishing |
| Programme | Growth Guarantee Scheme |
| Partner |
In summer 2023, Câr-y-Môr received a significant grant to support a £1.5m project, which required additional match funding. To bridge the financial gap, Tracey and her team were introduced to Social Investment Business (SIB) as they sought a loan to facilitate their growth. “Câr-y-Môr has been incredibly fortunate to receive support, but we needed a loan to manage cash flow while waiting for grant disbursements. Our partnership with SIB was essential in guiding us through the process,” said Tracey Gilbert-Falconer.
Securing the funding was a rewarding journey that showcased dedication and thorough preparation. Tracey shared an inspiring overview of the organisation and her vision, along with a detailed budget, and engaged thoughtfully in interviews with SIB. This collaborative process, which spanned around six months, reached a successful milestone in October 2023 with the approval of the loan. Câr-y-Môr utilised the Growth Guarantee Scheme (GGS), formerly known as the Recovery Loan Scheme (RLS), to secure term loans that provided the necessary cash flow support during critical project phases. This funding was crucial as it allowed them to cover costs while awaiting reimbursements, which could take up to 90 days. The loan, amounting to £250,000, specifically addressed cash flow challenges and enabled Câr-y-Môr to build new premises as part of their infrastructure development. Without this financial support, the organisation would have struggled to effectively utilise the grant.
The cash flow support loan we received through the Growth Guarantee Scheme was vital for us to bridge the payments and ensure that we could execute our plans without interruption, - Tracey Gilbert-Falconer Câr-y-Môr
Since receiving the GGS loan, Câr-y-Môr has made significant strides in its operations. The new infrastructure is not only helping to fulfil the conditions of the grant but also enhancing the farm's capacity to scale up their seafood processing and retail operations. This expansion has already led to the creation of five new jobs since May 2024, contributing to local employment and economic growth. Looking ahead, Tracey envisions a transformative long-term impact for Câr-y-Môr. “Having the new infrastructure in place is a massive step change for our farm. It positions us to reach our full potential and makes us one of the most impactful investments in an underserved area.”
The Growth Guarantee Scheme provides a crucial government-backed guarantee to lenders, allowing them to support businesses that might otherwise struggle to secure funding. We only invest when we see the strong potential for positive change. Supporting a company like Câr-y-Môr that needed cash flow to grow is precisely what drives us. - Christian Stannard Senior Relationship Manager, SIB
Reflecting on her funding experience, Tracey offers valuable insights for other small businesses seeking financial support. “We learned that having a complicated budget can hinder the process. It’s essential to keep it simple initially; you can always add detail later,” she advised.
Seeing the impacts of the Growth Guarantee Scheme on diverse businesses like Câr-y-Môr is amazing. Regenerative ocean farming can improve the coastal environment, and community-owned businesses can improve the wellbeing of the local community with economic growth and job creation. Having flexible government-backed guarantee schemes available to lenders like Social Investment Business is a vital tool to ensure more funding is available to the UKs growing businesses community. - Sean Hutchinsons British Business Bank
Câr-y-Môr’s journey exemplifies the power of the Growth Guarantee Scheme in fostering sustainable community initiatives. With continued support and infrastructure development, Câr-y-Môr is poised to make a lasting impact on both the local community and the environment.
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