Loan guarantee helps IT firm’s charity work
2 September 2009
Bolton based Azurri, a leading IT support and implementation company, has received a £100,000 Enterprise Finance Guarantee loan from Barclays Commercial Bank to help the business expand in the charity sector.
In 2008, Azurri consolidated its position as an IT supplier to the charity sector with the acquisition of Task Systems Ltd, a specialist provider of Toshiba-based solutions for over 15 years.
Currently turning over approximately £6 million a year, Azurri employs 50 people with a client base ranging from the British Heart Foundation, with 600 shops, through to Bethany Christian Trust, with 10 shops.
Managing director Alastair Petrie said: “We approached Barclays for finance to increase our marketing effort and to invest in research and development to support our growth in the charity sector.
“With the loan secured, we have won new customers ranging in size from a large nationwide charity through to a small furniture charity in the Midlands.”
Under the EFG scheme, Barclays lends money to its customers and the Government repays 75 per cent of the loan, and Barclays the remaining quarter, if the customer fails to repay.
About the Enterprise Finance Guarantee (EFG) scheme
The scheme improves upon the Small Firms Loan Guarantee (SFLG) scheme. This Government-backed business loan is designed to help established, viable companies secure additional funding or working capital, and through Venture businesses can raise anything from £25,000 to £1 million with the EFG.
Find out more about the Enterprise Finance Guarantee Scheme
