James Fleming has received a £20,000 interest free loan from the Isle Of Wight Lottery. He’s using the money to invest in 72 George Street in Ryde, a block of 10 studio flats. James purchased the building in 2013 and is completely refurbishing the rooms, which are now being let to young people who were formerly homeless and housed at Ryde’s nearby Foyer.
“When I bought the building it was very run down and declared unfit for habitation,” James explains. “The units are now being let through the council to young people who have come from The Foyer. When they are ready to move on, they come to us as a stepping stone.”
James is a domestic electrician and works in property maintenance. Five of the units are currently let and the Lottery funding will help to finish the remaining units.
“Without the IW Lottery this business would have gone on hold. Once I’d started to get some tenants in, I’d used up my own funding. My bank couldn’t help me because it wasn’t a personal loan and I didn’t have three years of books which would have helped me to get a business loan. The IW Lottery funding means things are happening a lot more quickly. It’s great to be running a business that is doing some good for society. Some of my tenants have moved into employment themselves now. It’s very satisfying helping the young people from the Foyer.”
