The grant, from NPIF – Mercia Debt Finance, will help ECF Special Alloys to boost its working capital and invest in new equipment- and the company says business is already bouncing back.
It now expects a ‘busy summer ahead’ as work on projects resumes and believes UK businesses will benefit from the rapid vaccine roll-out as big operators look for secure sources of supplies.
ECF is based in Carlton-in-Lindrick and fabricates pressure vessels, heat exchanges, valves and other equipment for industries such as offshore, pharmaceutical, process and utilities.
Founded in 1993, the company employs 15 staff and serves major clients including Siemens, BP, Veolia Water and Ineos.
Peter Elliot, CEO at ECF Special Alloys who also founded the firm, said: “We went into the first lockdown with a full order book and continued to work through.
"However, while we did see an upturn in business from the pharmaceutical sector, delays to other major projects meant that the flow of new work slowed down.
“The funding is helping to support us as we gear up and invest for the future.
"Orders are now starting to flow in once again and we believe the progress of the vaccination programme will make UK suppliers like us well placed to compete globally.
“Security of supply is critical for our clients - if a ship has to pull into dock or a plant shut down to be fitted out, they want to be sure the equipment will be there on time.
"If the workforce is vaccinated, they will see the UK as a more secure source of supplies than other countries.”
Andy Tyas of Mercia said: “Peter has built up this business from start-up and it is now a well-respected specialist in its sector.
"COVID-19 did have an impact for a few months, but the business is now recovering strongly. The funding will help to further develop its products and services moving forward.”
Sean Hutchinson at British Business Bank said: “ NPIF loan demonstrates how vital funding to Northern businesses across the region can make a real and measurable difference, securing jobs and protecting a business’ long-term future.”