Crave Drinks secures loan for Virgin Mojito launch
Crave Drinks has secured a £20,000 business loan from GC Business Finance to launch its first product, an alcohol-free drink called Virgin Mojito.
Described as an energy drink and cocktail hybrid, ‘Virgin Mojito’ has been designed for “a new generation of nightlife enthusiasts”.
Aiming to meet the increasing consumer demand for drinks that are healthy as well as alcohol-free, the brand’s goal is to create products that are low in gluten, sugar, artificial flavours and preservatives.
Providing energy from plant-based sources, Crave Drinks plans to follow the launch with a number of other cocktail flavours including the ‘Piña Colada’.
Secured from GC Business Finance, the loan will enable Crave Drinks to purchase initial stock supply.
Launching in 10 bars and nightclubs in Manchester alongside festivals and events, the company plans to expand across the UK and Europe.
Director at Crave Drinks, Anita Rae, said: “This loan has been vital in an industry which has relatively high start-up coasts. Crave can’t be produced in a home kitchen, a large quantity must be manufactured per order, therefore initial investment was essential. The loan has provided a crucial steppingstone to cover the funding gap between beginning an attracting external investment.
“It has been brilliant working with GC Business Finance. They have been helpful, understanding of my cashflow and the importance of the loan in it. It is great that there’s a function like this available for new business owners like myself.”
The Start-Up Loans Company is a government-funded initiative that offers start-up support in the form of a secured repayable loan alongside a business mentor for entrepreneurs across England and Northern Ireland.
Loan Manager for Start-Up Loans at GC Business Finance, Alex Mearns, said: “We are always looking for ambitious businesses to invest in; Crave Drinks has been a fantastic partner in this regard. Our objective is to support these kinds of ambitious businesses that cannot access loans from banks or other traditional funding routes.”