Cogent Projects has secured a six-figure CBILS-backed loan to stave of trading uncertainty poses by COVID-19 and to help finance expansion plans.
The Doncaster-based mechanical and electrical engineering firm secured the £250,000 loan from NPIF – FW Capital Debt Finance; part of the Northern Powerhouse Investment Fund.
The funding will allow Cogent, which posted £8.8 million in turnover last year, to continue with its growth trajectory, potentially creating 11 new jobs over the next three years, with sales revenue anticipated to increase to £15 million.
The FW Capital deal was introduced by Karl Hodson of BTG Advisory and was completed by FW Capital Investment Executives Andy Castle and Anne Blanden.
“This funding will allow Cogent to continue with its expansion plans, which will safeguard and create jobs for the future,” said Mr Castle.
Robert Daniels, Cogent Projects Chairman, said: “Securing the backing of FW Capital with an NPIF loan backed by the Coronavirus Business Interruption Loan Scheme has provided us with the support we needed during a period of significant uncertainty.”
He added: “This investment has not only safeguarded jobs, but has given us the funding to continue with our growth plans and our goal of creating 11 more positions across our business.”