Business picks up for Derbyshire firm with the help of a government-backed loan
24 July 2009
Primopost is a food package printing company
Buxton company director, Andrew Foster, is now looking forward to a period of growth for his company thanks to a government-backed loan.
Primopost, a food package printing company, took out a £363,000 loan from Barclays under the Enterprise Finance Guarantee scheme to extend its premises in Staden Park. With more space the company has increased capacity and production.
Andrew Foster, managing director of Primopost, is confident about the future of his company and hopes to see his staff of eighty-four continue to grow,
"Recently, we approached Barclays for finance to extend our existing premises. The Enterprise Finance Guarantee loan has allowed us to make the best decisions for the long-term benefit of Primopost, enabling our continued growth over the next five years.
"It was a very straightforward process. Without it expansion of the premises and company would have been harder to plan and manage. The backing from the government and the bank is a good indication of the continued financial strength of Primopost."
Under the Enterprise Finance Guarantee scheme the Government guarantees loans to companies who cannot access normal commercial lending as a result of the current economic conditions. Twenty-six banks and lenders are available to provide loans of between £1,000 and £1 million to companies of up to £25 million turnover.
Over 180 loans worth almost £20 million have been taken up by businesses in the east Midlands.
