Member Article

Finance funding helps Lasermaster press ahead with business growth

A Cornish precision laser profiling and multi-axis press brake bending company is proving how good entrepreneurial support, expert business advice and access to grant funding can significantly improve competitiveness and even create jobs after securing a sizeable grant thanks to Oxford Innovation, specialists in supporting entrepreneurship and improving the competitiveness of SMEs.

Businessman John Gotts, owner of Redruth-based Lasermaster, has successfully grown the company since 2002 and seen high levels of returning custom and new clients daily. But, as exciting as it was to expand, it also became apparent that a problem was also being generated by the increasing demand.

Recognising the need for additional machinery, John sought advice from Oxford Innovation (OI) and was recommended to the ERDF-funded Access2Finance programme, a scheme specifically designed to educate company owners about finance and grant funding available to accelerate business growth.

He explains, “The company had such high demand that our only press was working non-stop and we couldn’t complete orders at the fast rate we prided ourselves on. Everyone recognised the need for additional equipment but this involved a potentially massive investment and as many business owners recognise, taking a huge chunk of finance out of the business can be difficult.

“Oxford Innovation not only provided reassurance and guidance on the process but also assisted with the application, ensuring that I understood what was required at every stage. We soon secured a grant for £56,869 via Access2Finance which enabled me to purchase a much-needed press and scanner, another vital piece of equipment for the business. We can now create ready copies of items with pinpoint accuracy as well as quality control every piece we produce and create templates for the full piece far more quickly than a team of Drawers ever could.”

OI Programme Manager, Heather Coupland, added, “The Access2Finance programme opens up a range of new opportunities for the companies and business people we support. We are able to share a high degree of specialist knowledge and expertise in relation to eligibility, what is available, and then to assist businesses from all different sectors in the application process.

“John advised us that he was looking to buy more machinery in order to expand but that costs were prohibitive. We were able to review the grants available and advise on suitable funds. He expressed reservations about the process but with our guidance, he had the necessary support to apply. In addition to increased productivity, this has resulted in a number of jobs being created with more expected in the future.

“Each grant fund has various rules, targets and constraints attached but as a consultancy, we manage these every day and have a great working relationship with the awarding bodies which allows us to simplify the process for clients. If other businesses are in a similar position, I’d urge them to contact the Access2Finance team for assistance.”

Access2Finance is funded by the European Regional Development Fund (ERDF) and delivered by Oxford Innovation, specialists in supporting entrepreneurship and improving the competitiveness of small to medium-sized enterprises. Contact Oxford Innovation at www.oxfordinnovationservices.co.uk or for Access2Finance details see www.a2fcornwall.co.uk

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