GrowthAccelerator scheme benefits fashion businesses

Government-backed schemes, like Mary Portas' revival attempt of the high street, often seem amazing on paper, promising great change and opportunity, but the reality is often harsh and very different. When the government announced a support scheme for entrepreneurs back in 2012 called the GrowthAccelerator,

many where skeptical of the results. The scheme set out to support England's most ambitious small companies, giving them direct access to experts to identify their barriers to growth and how to overcome them.

Fashion entrepreneurs can take advantage of scheme

The problems many new start-ups face, like lack of access to financial support, is an all too common teething problem, especially in the fashion industry where significant capital is needed to purchase fabrics and pay suppliers.

One such a company, a young retailer called Pink Boutique, has flourished with help from the scheme. Founded in 2012 as an online eBay store that sold predominantly dresses, with access to mentorship, the company has grown into a bonafide fashion business, selling up to 2,000 dresses per day, employing a staff of 40 including 5 to manage its social networking sites.

Founded by Alice Blackie, Pink Boutique has moved from the living room where she started the business, to a 30,000 sq ft site in Newcastle upon Tyne. Blackie stated: ‘I had three jobs to pay for the mortgage on the house I got when I was 21. I started to sell dresses through eBay to top up my income.

The programme, which is worth over 200 million pounds, is ongoing and accessible to other up and coming retailers and fashion-led businesses.

Business and Enterprise Minister Mark Prisk said: "Entrepreneurs are the lifeblood of our economy and we are giving them the support they need to realise their potential. As well as this ambitious and innovative programme, we are creating a network of thousands of business mentors and the start-up loan scheme gives young people access to business advice and a small amount of capital.”

Image: GrowthAccelerator