ABN AMRO Commercial Finance
Region: East of England
Programme: Enterprise Finance Guarantee
Blackrow Engineering manufacture and install equipment for the petro-chemical, waste-to-energy, power generation and food industry. Since being founded in 1979 they have built up a client base all across Europe as well as in North America and Australia. Based in Lincolnshire, they currently have around 190 members of staff, with a strong focus on teaching apprentices.
Blackrow engineering were looking for a loan to help cover the start-up costs for two new large projects they had with clients, while at the same time starting a major contract with a local oil refinery. Costs associated with the projects such as staffing and raw materials needed to be covered.
The British Business Bank’s Enterprise Finance Guarantee programme offered the best solution for Blackrow engineering because:
“It gave us the additional finance we needed at the right time. We must have interviewed six or seven providers but ABN AMRO was the only one to offer the EFG as part of the facility. That meant we could secure the funding to meet our requirements.”
The company borrowed £200,000 over five years to help cover their project start up costs.
The Enterprise Finance Guarantee loan facility helped to provide the working capital that was needed to fund the upsurge in growth Blackrow engineering were experiencing. Looking towards the future the company say they are now working on projects within the waste-to-energy market as well as the food industry which is currently their specialism.
Blackrow engineering currently have 18 apprentices on their books, they feel its extremely important part of what the company does, they help to keep core skills alive and within the region.
To read more ABN AMRO Commercial Finance case studies, illustrating how EFG has helped businesses to grow, click here.