Surface Transforms reaches agreement on a £1m loan from LCRCA

Surface Transforms plc (LON:SCE), manufacturers of carbon fibre reinforced ceramic automotive brake discs, has announced that it has reached agreement on a £1m Flexible Growth Fund loan from Liverpool City Region Combined Authority.

The loan, which is administered by the Merseyside Special Investment Fund, is tied to capital expenditure and will be drawn down between 29 March 2021 and 29 September 2021. The loan carries interest at 2.0 per cent. over Bank of England base rate and is repayable over 5 years in equal monthly instalments following a 3-month repayment holiday. The Company has covenanted certain continuing employment levels as a part of the agreement.

David Bundred (Chairman) said “We would like to thank LCRCA and MSIF for their contribution to our investment and employment plans. In combination with the excellent support we are receiving from Knowsley Borough Council on other issues it is symptomatic of their collective wish to help. Liverpool City Region is, indeed ‘Open for Business’.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
X
LinkedIn
Surface Transforms Plc

More articles like this

Surface Transforms plc

The Porsche restomod renaissance

Discover the world of Porsche restomods with firms like Theon Design and Singer Vehicle Design redefining air-cooled 911s for the modern enthusiast.

Surface Transforms plc

The Future of High-Performance Braking

Discover the groundbreaking technology behind carbon-ceramic brake discs, used by top automotive brands for enhanced performance, durability, and aesthetics. Learn how these high-tech components are reshaping the future of braking systems.

Surface Transforms plc

Maximising brake performance for every driver

Recommending the right brake pads is more than just a routine decision—it’s about ensuring safety, performance, and long-term value for your customers. With various friction materials available, choosing the best option depends on the driver’s habits