Enterprise Finance Guarantee enables Green Lite Solutions to expand its sales by 60 per cent

(12/02/2010)

A government Enterprise Finance Guarantee has enabled Green Lite Solutions to expand its sales by 60 per cent this financial year. Green Lite was suffering from the global downturn in commercial lending and was struggling to secure the capital required through normal, commercial lending to keep pace with sales growth and to carry out expansion into carbon reduction measures for large clients, mainly high street retail outlets.

In July last year, after their bank was unwilling to fund the impressive predicted growth, Green Lite took out an Enterprise Finance Guarantee of £450,000.00. The company has since expanded its work force by nearly 20 per cent from 70 to 83 as a direct result of the financial confidence provided by the Guarantee.

The Enterprise Finance Guarantee offers targeted support for businesses struggling to secure the finance they need through normal, commercial lending. It offers a 75 per cent Government guarantee on loans of up to £1 million to viable businesses with less than £25 million turnover. The £1 billion of Government guarantees will secure up to £1.3 billion of additional bank loans. The scheme was extended in May to help improve lending to businesses and social enterprises in disadvantaged areas. The changes will provide extra support to Community Development Finance Institutions by enabling them to access bank loans, worth up to £20 million, through the Enterprise Finance Guarantee scheme.

The funding has been used to allow working capital to drive the business forward and has provided funds for investment in stock, people and the service infrastructure. Specifically, a fleet of 60 liveried vehicles are now strategically located around the UK with qualified engineers to provide immediate quick reliable service in case of breakdowns and to maintain lighting to 5,500 retail outlets around the country.

Bob Hall says: "When you are sourcing equipment from places as far a-field as the Far East and they require LC payments, the funding assisted this facility. The Enterprise Guarantee Fund has helped us toward realising our potential. Not only has it sustained us through the recession but has allowed rapid growth in the past year".

Related categories:  Company changes