A Northumberland-based engineering company is ‘steeling the market’ following a £25,000 investment from the Finance for Business North East Microloan Fund.
Eminent Engineering specialises in the fabrication, treatment and erection of bespoke steelwork projects for blue chip construction companies such as Bam Construction, Lend Lease Construction and Kier North East.
The finance, which was secured through the Microloan Fund’s new managers, Rivers Loan (a trading subsidiary of Rivers Capital Partners) will assist the company in upgrading their machinery and purchasing and installing a new plant. The modifications will be with a view to taking the company on a three year expansion plan. Their aim is to increase turnover to £850k in 2017 and in so doing create at least 6 new positions in an area which has been hit hard by large scale closures of employers such as Rio Tinto. Apprentices will have a core role in these new positions as they will safeguard the sustainability of the company and the region.
With £2.5 million of capital readily available, the Fund’s objective is to put small business owners in the driving seat of growing their company. Businesses from a wide variety of sectors can apply for a loan anywhere between £1,000 and £50,000, tailored to their individual business needs.
Nikita Bazko, Fund manager, said: “We are delighted to support the development and expansion of this pioneering company and assist them in achieving their aspirations.”
Paul Milsted, Director of Eminent Engineering, said: “We are pleased that Rivers Capital are providing vital support to SME’s around the North East, and this can only assist in consolidating the current recovery.”
The Microloan Fund has been re-launched with a commitment to creating and securing regional jobs, and so it works exclusively with businesses based in the North East who been unable to secure funding from the mainstream financial system. The Microloan Fund differs from traditional lenders by focussing upon the quality of business models and not on the assets held by the company. As a result they offer a fast, hassle free application service, whereby every submission is reviewed by a trained investment professional.
Besides offering straightforward, supportive funding, the team at Rivers also offer fully subsidised finance and business courses to all applicants. The workshops offer an unprecedented view into the mind of an investor and are a unique opportunity for busy entrepreneurs to step out of their business for a day and think about how they can grow their business more efficiently.