Eurolec Components (Midlands) Limited a Black Country-based automotive parts supplier can now move forward with its plans to invest in more staff as well as new machinery after receiving a six-figure funding boost.
Their funding route was obtained via West Midlands based Central Finance who assisted Eurolec Components in obtaining the finance it required by way of a business grant via a Green Bridge Grant in addition to raising additional funding via Peer to Peer lending, a growing alternative finance route for many established businesses.
They will now use the finance raised in the refurbishment of its current premises along with the purchase of new machinery to increase its manufacturing output capacity of starter motors and alternators.
The plan also involves investment in its sales and marketing activities which when combined with its manufacturing activities would overall result in the hiring of an additional five more staff.
Eurolec Components stated in 1983
Established since 1983 Eurolec Components remains a family run business, they are specialist re-manufacturer and supplier of alternators and starter motors to the automotive industry.
Throughout its trading history, it has steadily gained a strong presence in the motorsport and classic car industries in the offering of its varied range of custom made starter motors and alternators called ‘Powerlite’.
As such, the Powerlite range has global appeal resulting in Eurolec Components having just appointed its first US distributor.
Michael Hadley, Managing Director said: “To continue to innovate and keep ahead of the demanding changes in the automotive industry, we needed to invest in new machinery, update our premises and hire more staff to increase our output capacity.”
Central Finance, Director Steve Harris added: “Achieving a six-figure sum for Eurolec Components, including grant funding for them to expand and hire more staff, is a great result for them and us.”