A Lichfield business has secured a £150,000 funding boost to help safeguard jobs in the wake of the coronavirus crisis.
Ashcroft Metals & Alloys received the finance via a Midlands Engine Investment Fund (MEIF) loan backed by Coronavirus Business Interruption Loan Scheme.
The company will use the investment to support cash flow and safeguard jobs during the period of interruption caused by the COVID-19 pandemic.
The firm imports phosphor copper which is then stored in a warehouse before being distributed to manufacturers across the UK.
Director Jonathan Marklew said:
“Securing this funding boost has really helped us relieve the pressure following what has been a very difficult year due to the coronavirus pandemic.
“We are now in a much better position to build our business turnover back up to pre-coronavirus levels and we anticipate this will take roughly six to 12 months.
“By supporting our cash flow, making our business leaner and maintaining strong relationships with our customers and suppliers we are ready to make the most of new opportunities that arise in the coming months.”
Jonathan Marklew, Ashcroft Metals & Alloys
Stephen Deakin, Chief Executive of BCRS Business Loans, said they were “delighted” to have supported the business in accessing the funding.
“Both Darren and Jonathan are incredibly experienced in their industry and the firm’s offering is essential for manufacturing processes across the country.
“As a lender dedicated to social and economic impact, this finance will help ease the firm’s cash flow and safeguard jobs.
“We believe that no viable business should go unsupported.”
Stephen Deakin, BCRS Business Loans
