A new island business is facing up to a bright future after being awarded an interest-free loan by the Isle of Wight Lottery. S and G Cosmetics was formed a year ago, specialising in selling cosmetics through party plans at a big discount on normal retail prices.
The Lottery loan means the company can expand its range, and joint owners Sam and Glen Dines are already hoping to take on a new member of staff in the near future. S and G Cosmetics also sell products at local events and plan to make an appearance at Newport’s Tuesday market in the near future. Mr Dines said: “It only took eight weeks from start to finish to secure the loan, and it has been a great boost for us. We are a very small business, but this will help us to move to the next level, and we are really hopeful about the future now.”
The Isle of Wight Lottery – a division of the island’s Chamber of Commerce – operates on a non-profit basis, and all proceeds are directed into a loan fund. Loan applications are assessed by an investment panel and are provided interest free to start-up and expanding island businesses.
Since its launch in 2001, the Lottery has paid out about £900,000 in prizes to 900 people, and issued loans to more than 50 companies, helping to create about 130 jobs. The IW Lottery also supports the Start up Business Training programme and through this has given support to over 500 local people entering self employment.
