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Moneyway sponsors the Best Large Supplier category at the MIA awards
Time to Take It Away
The Arts Council's interest-free credit scheme for the musical instrument industry hits its second anniversary, MIA CEO Paul McManus takes a look back and forward...
Having just passed its second anniversary in MI, now seems a good time to update everyone on the Take it Away scheme. The Arts Council's interest-free loan scheme launched in 2007 and many of you reading will have come across it either as a retailer offering Take it Away through your store, or as a customer.
During its 2 years, over 26,000 customers have made use of a Take it Away loan for the purchase of almost £18m worth of instruments and accessories. The impact that this had had on our industry, particularly in these "credit crunch" times, should definitely not be underestimated. As one of the participating retailers comments; It's a very easy-to-use, simple to understand scheme for both staff and customers, which has given our business a real bottom-line boost."
With over half of all those customers reporting that they would not have been able to buy their instrument without Take it Away and three-quarters saying it enabled them to buy a more expensive instrument than they'd planned, it's helping to drive new customers straight into our shops and make a purchase they might otherwise not have made."Take it Away doesn't seem to have been negatively impacted by the recession," says Mary-Alice Stack, Development Manager for Take it Away. "In fact, take up has continued to rise, which is great news for retailers and musicians who are able to take advantage of the scheme".
There have been a number of changes to the scheme recently, which can only help to strengthen its position in the MI trade. A move to new banking partner Moneyway has seen increased investment in new online systems to make the scheme more attractive to retailers and customers. David Nield, Moneyway's Head if Asset Finance and Lending, explains; "Our significant investment, particularly in our online system, should show suppliers, retailers and customers that we have a desire and capacity to support the industry into the future. Moneyway is part of the Secure Trust Bank, which has 50 years' experience in retail banking.
This means that we are not dependent on funding from the money markets that has seen other lenders withdraw from the consumer market. In addition to the Take it Away scheme we offer consumer loan products via music retailers and we are looking to grow our relationship with retailers and suppliers alike."
The new partnership between Arts Council England and Moneyway for the delivery of Take it Away will strengthen the scheme's position within the industry and help enable more people to continue to benefit. These are exciting times for Take it Away and I hope you will all continue to see the benefits our industry is reaping from this very welcome investment.
You'll see more of Stack and Nield at the MIA awards in October, where Moneyway will be sponsoring the Best Large Supplier category. Or you can contact Music Finance directly.
Moneyway: 0845 111 7109
MIA: 01372 750600
