Eminent engineers expansion plan with fundingBy Matthew Ord, Digital Staff Writer
A Northumberland-based engineering company is embarking on a three-year expansion plan after receiving a £25,000 investment from the Finance for Business North East Microloan Fund.
Eminent Engineering, which specialises in the fabrication, treatment and erection of steelwork projects, will use the loan to upgrade its machinery, as well as purchasing and installing a new plant.
The modifications will be made with a view to increasing turnover to £850,000 in 2017 and creating at least six new jobs.
Eminent supplies its products to blue chip companies including Bam Construction, Lend Lease Construction and Kier North East.
The finance was secured through the Microloan Fund’s new managers, Rivers Loan, which is a trading subsidiary of Rivers Capital Partners.
Paul Milsted, director of Eminent Engineering, praised the fund for the vital support it provides to the region, adding it "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 which have been unable to secure funding from the mainstream financial system.