Ebac Ltd has secured £10.5 million in funding, most of which they will use to develop new facilities.
The firm was founded in 1973 and manufactures water coolers, industrial dehumidifiers, freezers and air source heat pumps. With the firm announcing that it intends to start manufacturing Washing Machines earlier in the year. To do this the firm needed extra funding to set up a production line in new premises.
The manufacturing company has secured the finance they needed using three funding products, which were provided by two firms. The bulk of the funding, £6.5 million, is being provided in the form of a working capital facility. There is also £1 million of revolving credit available, and £3 million has been raised via asset financing.
The firm joins the ranks of a growing list of UK companies that are turning to alternative finance to fund their growth plans. A recent survey showed that 42% of businesses had considered using alternative funding sources. In London, that number rises to 77% of recipients.
Asset financing is proving particularly popular. This is an accessible form of finance that most firms can take advantage of.
In 2014, businesses in the UK raised £1.74 billion using this financial product. So far, in 2015 demand has grown. In April, 20% more was raised in this way than for the same period of 2014.
If you would like to find out more about alternative funding for your business, please get in touch with us at DJB. Our experienced team has helped all kinds of businesses to secure the finance they need, and we can help you too.