A newly formed Bowburn-based business has recently secured a £25,000 funding boost from the Finance for Business North East Microloan Fund.
MASfab provides steel fabrication, installation and site services to the oil & gas, renewables and marine industries. Formed in August 2014 as a joint partnership between founding investors and directors Sharon West and Paul Mitchinson, the company has 30 years of combined industry knowledge driving them to the forefront of the North East supply chain.
Perfectly placed for the regional industrial ports MASfab are in an ideal location to capitalise on the predicted growth of the offshore renewables sector in the North East. Valuing their reputation for high quality work and safety the company has already achieved ISO 9001 and OHAS 18001 certification.
The investment, which was secured through the Microloan Fund’s new managers, Rivers Loan (a trading subsidiary of Rivers Capital Partners) will be used to further assist the growth of the workforce and management systems.
Sharon West, Director at MASfab said: “The investment from Rivers has brought us one step closer to securing the future of the company and our workforce.”
Nikita Bazko, Fund Manager at Rivers, praised MASfab saying: “They have already demonstrated their commitment to the expansion of the business and in the first 2 months of trading they have already reached over £58k of revenue.
“Their combined experience and knowledge of the industry makes this a really attractive investment for us.”
With a commitment to creating and securing regional jobs, the North East Microloan Fund works exclusively with businesses based in the North East who been unable to secure funding from the mainstream financial system. Run by a team of experienced entrepreneurs, Rivers offer a fast, hassle free application service, with the average time from submission to approval only two weeks.
Working from Newcastle and their new Middlesbrough office, the Fund’s objective is to put small business owners in the driving seat of growing their company. Businesses from a wide variety of sectors can apply for a loan anywhere between £1,000 and £50,000, tailored to their individual business needs.
Besides supplying competitive finance for small businesses, the team at Rivers are also delivering the advice and understanding often missing from more traditional sources of capital. Run by Peter Hiscocks, Head of the Entrepreneurship & Innovation Management Executive Programme at the Judge Business School in Cambridge, Rivers are providing fully subsidised finance and business courses to all applicants. The workshops offer an unprecedented view into the mind of an investor and are a unique opportunity for busy entrepreneurs to step out of their business for a day and think about how they can grow their business more efficiently.
Read more in The Journal and the Insider