Marketing firm bounces back strongly with Government-backed loan
19 July 2009
New recruits at Phil Stone Marketing: Mark Ashmall, Simon Cooper, Commercial Director Ken Greenway, MD Phil Stone, Kate Gibbins, Nic Bahra
New technology financed with a loan backed by the Government’s Enterprise Finance Guarantee has opened up new markets for a promotions and marketing company based in Banbury, Oxfordshire.
Phil Stone Marketing, which manufactures promotional merchandise and branded clothing, was also able to take on four new staff and expand into larger premises.
Finance Director Ken Greenway commented:
"The funding through the Enterprise Finance Guarantee was a godsend. We are a relatively new business and had already exhausted the normal routes for our start-up capital requirements, so at the time, the EFG was the only available source of finance open to us. Without it,the company would have gone through a very difficult time and two years’ hard work could have been wasted.
"The funds helped with our immediate cash flow requirements when the credit crunch really hit us. But more importantly, it allowed for investment in new computer technology, addition of four new staff members, and investment in new equipment which opens up new revenue streams for us."
The £62,000 Barclays Bank loan is 75% underwritten by the Government’s Enterprise Finance Guarantee, which helps banks make loans of up to £1 million to small firms with viable business plans that are having difficulty accessing finance.
Phil Stone Marketing was founded in 2007 and now has 18 staff. Business was strong enough in mid-2008 for the company to take more floorspace and to decide to invest in new digital printing technology.
"As a result the company has bounced back strongly in 2009 and we are confident not only about surviving the current economic difficulties but also going from strength to strength, and building a successful future for the company."
For more information on the Enterprise Finance Guarantee Scheme visit
http://www.businesslink.gov.uk/
