Norton Motorcycles (UK) Ltd received a Government backed trade loan to support the doubling of production of their hand-made bespoke motorcycles. Business Secretary Vince Cable visited us here at Donington Park yesterday to make the official announcement.
The loan has been granted under the Exports Enterprise Finance Guarantee Scheme, one of four trade finance schemes promised as part of the Trade White Paper. High Street lender Santander has lent £625,000 to Norton under the scheme. It is the first loan of its kind and the funding will support the company to double staff numbers to around 60 by 2012 and also benefit their supply chain, the majority of which are British based.
Vince Cable Business Secretary said:
“Trade and Investment are essential to driving our economy and encouraging small businesses to export more is at the heart of that. This innovative company is a prime example of the innovation that British businesses have to offer and I hope that many more companies are inspired by what Norton is going to achieve through this funding.
“I would encourage all companies to take a closer look at what products are on offer that could support their business goals.”
Nortons plans to increase their staff levels and their planned factory expansion is extremely encouraging in the current climate.
Stuart Garner, Chief Executive Officer of Norton Motorcycles (UK) Ltd
“The ExEFG scheme will enable our business to grow rapidly to meet the demands of an ever increasing international customer base. I am thrilled we now have the opportunity to take on more staff to join our team.
“This scheme will not only benefit Norton and the local area, by supporting enterprising firms across the country it will help drive forward the British economy.”
Santander is one of a number of the banks that are participating in the ExEFG Scheme. Other Government-banked trade finance products are also available and businesses are advised to take a look at which are the most appropriate for their borrowing requirements.
Steve Pateman, Head of Santander Corporate, Commercial & Business Banking, said:
“Norton is a growing company with an impressive business model and management team and we are delighted to have been able to support them through the first Ex-EFG backed loan. Schemes like this are invaluable for being able to get smaller exporters at the margins of commercial lending criteria, like Norton, the finance they need if they are to drive international trade and regional economic growth.”
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