Insider's August Deal of the Month
Midlands Business Insider's assistant editor Sam Metcalf has chosen Donington Park-based Norton Motorcycles as our Deal of the Month, which secured the government's inaugural Exports Enterprise Finance Guarantee (ExEFG) loan.
The motorbike manufacturer received a £625,000 loan arrangement from Santander.
"This is a great boost for Derby's manufacturing economy," said Metcalf. "It will really help with Norton's ambitions to increase production levels to 1,000 motorcycles a year. It will also benefit the company's supply chain, 80 per cent of which is British."
Norton Motorcycles said it is now preparing to double its production levels and staff numbers after securing the first loan under the ExEFG scheme.
"Obviously, job creation is particularly welcome in Derbyshire following the fall-out from Egg and Bombardier which will axe thousands of roles between them," added Metcalf.
Business secretary Vince Cable announced the inaugural lending arrangement during a visit to the manufacturer's Derbyshire base.
ExEFG is one of four trade finance schemes established by the government as part of the Trade White Paper, part of its Plan for Growth.
Barclays, HSBC, Lloyds & Bank of Scotland, Royal Bank of Scotland, NatWest and Santander have agreed to participate in the ExEFG scheme.
Metcalf said: "Business secretary Vince Cable described the company as 'iconic', and it really is a great example of British manufacturing. Hopefully this scheme will boost lending to small businesses in the region and help them realise their potential."
Norton also plans to double its workforce to 60 full time staff by 2012 and "significantly" extend its factory.
Stuart Garner, chief executive of Norton Motorcycles, said: "The ExEFG scheme has enabled our business to grow rapidly to meet the demands of an ever increasing international customer base and I am thrilled we now have the opportunity to take on more staff to join our team."
