Welland powers up with £75,000 boost
Welland Power Engineering, based in Spalding, has secured investment worth £75,000 from online lender Funding Circle.
The company said it will use the funding to expand further into the EU over the next year. To assist with its growth plans, Welland said it will purchase additional stock and recruit two more employees to increase its capabilities.
Charles Farrow, director at Welland Power Engineering, said: "The additional funding will enable the business to expand within the UK and also overseas. Funding Circle was extremely easy to use and the transfer of funds was quick – we received our funds 18 days after applying online - enabling us to kick-start our growth plans earlier than expected."
Online lending and borrowing portal Funding Circle enables businesses to borrow between £5,000 and £75,000 to assist growth plans.
James Meekings, co-founder of Funding Circle, said: "We are extremely pleased to have been able to provide Welland Power Engineering with a loan facility which will help take the business to the next stage. Not only will it allow the business to expand overseas, but the wider community of Lincolnshire has already benefited from extra jobs thanks to the demand for additional staff."
