Convenience store crowdfunder was less hassle than the bank
East Lothian entrepreneur Fer ha nAshiq returned after five years studying in Dubai with a simple idea that was a revolution in local retail: food-to-go.
Think corner shop meets D el iv eroo.“I used togo into your Tesco equivalent in Dubai and buy an entire hot meal, just in my local supermarket ,” Mr Ashiq says.
“Everyday it would be something different. I had it delivered, too. I used to live on the 23rd floor, and the shop was on the ground floor.”
In 2013, he needed £40,000 to buy the former Post Office in Levenhall, near Mussel burgh, and another £110,000 to reno - vate and get the business off the ground.
“I had a lot of ideas, and I wanted to bring that to my neck of the woods ,” Mr Ashiq says. “In terms of getting loan approvals, it wasn’t good at all.” Fees and legal costs were pro - hibitive, running into five figures.
He turned to the Crowdfunder website, and while he only raised a fraction of the money he needed, it helped Mr Ashiq gain publicity and local support, which helped raise they money over two years.
He thinks more small businesses will turn to the model over time, as banks retreat from the high street .“Scotland wasn’ t really ready for crowdfunding when I launched it.
“I’m sure a lot more people are aware of it and it’s a much better situation now.” Ironically, the new store has won Mr Ashiq the Entrepreneur Award at the Scottish Gro- cer Awards 2018. Thanks to that, on his next project, RBS approved him for a loan in a single day.