Component Force nominated by the South East England Development Agency

09-02-2010

A growing Medway manufacturer is pushing into American markets with the help of a Government-backed loan of almost £690,000.

Component Force, which makes and distributes plastic, vinyl, nylon, rubber and foam parts, has received the loan - worth £688,000 - from NatWest so it can take on new staff, move into bigger premises and penetrate international markets.

The firm, founded by Paul Gardner, has been in business for more than 15 years. Its main trading region has been the south east but overseas interest has hastened expansion in the United States where it already has a base in St Charles, Missouri.

Component Force, a pioneering company nominated by the South East England Development Agency (SEEDA) to join its Innovative Challenge Scheme to advise other businesses, has grown by some 24 per cent a year. It expects annual sales of £10m within five years and employs 25 people.

It has outgrown existing premises in Birling and is moving to a larger complex on the Airport Industrial Estate, Rochester.

Helena Louka, NatWest relationship manager, worked with Mr Gardner on a suitable finance package. Mr Gardner said: "We are delighted with our expansion into the USA market, which is testament to how we have grown the business since inception. 

"The opportunities this will bring on an international level are a significant step towards the ongoing growth of Component Force and we take comfort that we have a banking partner on board that fully supports these aspirations."

Ms Louka added: "The company’s year-on-year growth instilled me with confidence to provide funding facilities and the EFG Scheme best suited Paul’s ambitions."

The EFG scheme provides working capital to help firms - keen to grow despite the downturn - transform good business ideas into reality.

It provides a Government guarantee for 75 per cent of the lender’s exposure on individual loans. The Guarantee is part of the government’s Solutions for Business portfolio and is available to businesses throughout the UK through approved lenders.

The Royal Bank of Scotland Group, including NatWest, has so far agreed loans worth more than £264m nationwide.

Tuesday, February 02 2010

Article Extracted from Kent Online http://www.kentonline.co.uk/kent_business/news/2010/february/2/loan_funds_us_push_for_medway.aspx

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