AN award-winning business has repaid its loan to the Jersey Innovation Fund and thanked Islanders for ‘helping to fund creative business’.
Stumpydog Innovations received a loan of £60,000 from the States-backed start-up business fund – which was frozen earlier this year – to help pay for the development of the BabyHub travel cot.
The award-winning cot, which is the brainchild of founder Catherine Curtis, has been marketed as the world’s first truly portable travel cot, which can be opened, closed and carried in one movement – all while holding a baby.
Earlier this year, the JIF was the subject of a scathing report by the Comptroller and Auditor-General Karen McConnell, which claimed that as much as £1.4 million of loans it has made may never be repaid.
More than £2 million has been loaned out by the fund, which was frozen following the CAG’s report. The investigation into the JIF was prompted by the disappearance of start-up tech firm Logfiller from the Island, without repaying its £400,000 loan.
JIF board member Aaron Chatterly said, however, that the fund had also backed some ‘great companies’ and called on Islanders to support these businesses, despite the CAG’s findings.
‘Any loan that is made to a business is risk and the Jersey Innovation Fund is no different,’ he said.Subscribe to our Newsletter