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Business FX Blog

Adam Solomon is a specialist in business foreign exchange issues at foreign exchange brokers TORfx.

The idea of this column is to assist businesses in saving money on making or receiving payments in foreign currency. It is developed with all companies in mind from public companies with large and complex operations, to smaller companies and individuals.

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Home Markets Company News Primopost latest beneficiary of EFG loan

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Primopost latest beneficiary of EFG loan PDF Print E-mail
Written by Gary Howes   
Tuesday, 16 June 2009 10:17
Barclays Commercial Bank (LON:BARC) in Manchester announced today it has provided an Enterprise Finance Guarantee loan worth £363k to Primopost, one of the UK's leading suppliers of printed and plain flexible packaging solutions for the food and non-food industries.

Established in 1986, the Buxton-based manufacturer employs over 80 staff, boasts an impressive annual turnover of £12 million and is achieving approximately £2 million growth year on year. The new funds will enable the business to increase its capacity by making a significant extension to the existing factory.

“In the current economic climate it is important to still be making the correct long term decisions and Barclays are supporting us in this,” says Managing Director Andrew Foster. “Recently, we approached them for finance to extend our existing 40,000 sq ft facility. We sat down with them and looked at the options open to us. In the end we opted for a loan under the Enterprise Finance Guarantee (EFG) Scheme. This Government backed loan, which is administered by the Banks, helps businesses access funds for development. Barclays Commercial Bank helped us through the whole process with the minimum of fuss and we got the funds we needed. With the loan secured, we are now in a position to increase our capacity and maintain our ambitious growth plans. This will help to secure the future of our business and the jobs of the local people who work for us.”

Stuart Stocks, Relationship Director for Barclays Commercial Bank in Manchester said:  

“Enterprise Finance Guarantee covers a key gap in the market - you can borrow between £1,000 and £1,000,000 enabling you to match your borrowing requirements exactly to your business plan.  You can choose a term up to 10 years, enabling you to select the optimum level of repayments, providing the term of the loan does not exceed the life of the asset purchased.”

He continued, “The support for Primopost is another great example of our continued strong appetite to provide funding to quality businesses in the region, and our commitment to help businesses achieve their growth aspirations.”

As the risk of providing the loan is shared by both Barclays and the Government, more businesses are able to be supported than Barclays or the Government could achieve alone. Barclays is currently approving around £2 million EFG loans per day. Based on Government data, this means that Barclays is currently approving approximately 40 per cent of all EFG-backed loans in the UK.