UK manufacturer, Component Force, has received a £688k Enterprise Finance Guarantee loan from NatWest

10-02-2010

UK manufacturer, Component Force, has received a £688k Enterprise Finance Guarantee loan from NatWest to expand into new premises and entry into international markets.

 

Manufacturer, stock holder, distributor and supplier of a range of plastic, vinyl, nylon, rubber and foam parts, Component Force have realised 24% year on year growth, and are forecasting an annual turnover of £10m within 60 months.

Helena Louka, relationship manager at NatWest, worked with Component Force to provide a package that has allowed for the company’s significant expansion. The £688k EFG loan will provide capital for the recruitment of new staff, allow for new premises and enable them to operate in international markets. The EFG scheme is designed to provide working capital to turn sound business propositions into realities despite the current economic climate, with over £264 million worth of loans already agreed or in the pipeline. Recent BIS figures confirm that of all EFG lending across the industry, NatWest and RBS have provided nearly half of all loans drawn down.

Paul Gardner, director of Component Force, 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. The EFG loan suited our business requirements and will enable us to continue expansion which was clearly understood at the outset by Helena, for which we are truly grateful.”

Article Extracted from The Manufacturer.
http://www.themanufacturer.com/uk/detail.html?contents_id=10110

 

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