Community finance sees beyond small print
When Phill Williams, a Lavenham man with a great business idea, found a bank turning down an agreed loan at the last minute due to directives hidden in corporate small-print, he could have thrown in the towel. He didn’t.
He spoke to Foundation East, and, thanks to our loan, is realising a dream with the launch of a production company called DOfilm™ and a series of instructional DVDs.
Phill Williams was a man with a plan. Having identified the untapped versatility of the DVD format as an instructional and sales aid, he decided to set up a business - DOfilm™ - to exploit it. He needed funds.
A high street bank, persuaded by Phill’s business plan, agreed to lend £13,500. It was all systems go. But then, on the day the loan was due, a directive hidden in the small print came to light: ‘No film production’.
Production of Phill’s first DVD was set to start. The subject, DIY. the target market, novice home owners. To reach his sales target a Father’s Day launch was crucial. Phill needed money, and he needed it quickly.
Luckily, Phill’s bank manager, convinced by DOfilm’s business plan, referred him to Foundation East. We were able to help. Production has begun on ‘DOdecorating’, an instructional video exploiting the interactive features of the DVD format, encompassing basic skills required for painting and decorating. It will be on sale in time for Father’s Day.
High Street banks often refer clients to us. Unlike community finance institutions such as Foundation East they have strict policies, designed to ensure regional managers do not take high risks. These include ensuring loan applicants meet strict credit rating criteria, regardless of personal circumstances, and automatically exclude investing in high-risk industries and new technologies.
Phill is a classic example of an individual with a great business proposition unable to raise finance due to such policies. We are delighted to be able to help him and have every confidence that he will succeed in his ambition to become a leading producer of instructional films.
‘While the important role of main-stream banks is unquestionable, and their need for guidelines and regulations understandable, dealing with them can be frustrating. Restricted by small print they are unable to treat individual cases on merit. Luckily, Foundation East is different. Thanks to them, my business is up and running, a business that has potential to create further jobs locally.’ commented Phill.
Since starting filming on DOdecorating, Phill has been commissioned to make an instructional DVD for the physiotherapy department at Bartholomew’s Hospital, which allows patients to easily select and follow exercises relevant to their condition. He is also working on DOplumbing and DOwoodwork – the sequels to DOdecorating – as well as individual corporate DVDs to be used as high-end sales and marketing tools.
DOdecorating is available from www.12DO.com and ebay.
See www.12DO.com