Finding the right financial support is the air that a company needs to grow
SupportingU is a specialist environmental engineering company, based in St. Albans, Herts. The company, which was established in 2005 by David Mackay installs, refurbishes and maintains air quality monitoring equipment.
The advantages for SupportingU are that they are one of only six suppliers in the UK and their strict internal control procedures and independence enable them not only to be competitive but also maintain a very high and distinctive service, offering their clients a variety of product and services.
In 2012 the company identified an opportunity to expand, which required external funding and upon receiving little support from his current banking provider, David approached Foundation East:
‘Working closely with our clients enables us to identify ways in which we can save them money. We identified an opportunity to streamline our processes and service in order to become much more operationally effective, plus an insight into new products and services we could offer in the future. Such diversification required the formation of a dedicated sales team and the employment of additional apprentices in our workshop’.
‘Foundation East were very effective and helpful’ says David, ‘and once I had sent my application through, my local Business Loans Manager, Bob Shimmon visited me in order to go through everything and explain the next part of the process and what additional information was required to support my proposal’.
Bob Shimmon explains:
‘For Foundation East one of our Key Performance Indicators is jobs created and jobs saved. The application from SupportingU was professionally presented, well researched and it was clear that this company had the potential, with our assistance, to bring new jobs to St. Albans’.
Since receiving a £45,000 loan from Foundation East, SupportingU have employed a full-time Sales and Marketing Manager and a sales support assistant, started its workshop apprentice scheme in partnership with a local college. Developed a new website and invested in a bespoke customer relationship package. There are still further plans to engage a further apprentice and develop further our web presence.
‘The Foundation East loan has enabled the expansion of the business in terms of sales and personnel. We are adding to the local economy and helping the local college in the development and aims of their current apprenticeship scheme’.
Foundation East is a finance organisation based in eastern England which aims to assist companies that have been unable to obtain funding from traditional sources. They make their decision on the viability and potential of the business rather than using a pre-set criteria or credit scoring system.