Wednesday, July 22, 2009

News: Funding boost for Rotherham firm


Labfacility, based in Dinnington, Rotherham, has benefited from a loan fund designed to provide companies with finance through the credit crunch.

Labfacility are a leading manufacturer of temperature sensors for industry. They received £100,000 investment via the Transition Loan Fund to complement a funding injection from the company's directors, which has provided working capital for the company and enabled them to reduce their overdraft requirements.

Yorkshire Forward's £5 million Transition Loan Fund was launched in February 2009 to help viable regional businesses keep trading through the recession by providing general loan finance to those who had not been able to secure it through the banks.

To date, the fund has invested £2.7 million in regional businesses, helping 74 companies and safeguarded over 1000 jobs in the region.

Yorkshire Forward’s Director of Business, Simon Hill is urging other regional companies who are struggling to access credit to find out if they too are eligible for support.

He said: "Whilst the banks remain the first point of access for credit, the Transition Loan Fund is there to support strong regional businesses keep trading through the recession.

"Businesses can access the fund via Business Link Yorkshire, who will link them up with the appropriate support advisors in their area that can look at their business needs and how they can help."

Loan amounts can vary between £15,000 and over £100,000, and the Transition Loan Fund also offers a joint equity scheme.

Labfacility's temperature and process technology is used in the aerospace, automotive, power generation and metallurgy industries. Their UK blue-chip clients include BAE, GlaxoSmithKline, H J Heinz, Honeywell Control Systems, ICI, Jaguar Cars, and various MOD, research and university establishments.

Labfacility website



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