Flying high for engineering
The Farnborough International Airshow (FIA) is a showcase to display some of the UK’s most advanced manufacturing. Ed Hill hears how the organisers are helping the industry to generate new business.
UK aerospace manufacturer creates 10 new jobs amid new loan
A Birmingham-based machining firm has secured a loan to help safeguard its 65 employees and create 10 full-time new jobs and apprentices.
AE Aerospace secured the £400,000 finance from the Midlands Engine Investment Fund (MEIF) – provided by The FSE Group, Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS). The funding will also allow the business to continue its growth, developing value added solutions for UK and export markets.
Peter Bruch, managing director of AE Aerospace said: “COVID-19 has had an impact on many UK businesses during the last year. This funding will enable us to maintain our current workforce, putting the company in a strong position to fulfil its growth plans and create 10 new full-time jobs in the coming years. Our thanks to Kerry, The FSE Group’s investment manager, who guided us through the funding process to secure the loan assisting the business to achieve its aims.”
The UK aerospace industry is worth £20 billion providing a range of new contract opportunities for AE Aerospace.
Kerry Haughton, investment manager, at the FSE Group, which manages the MEIF Debt Finance Fund added: “AE Aerospace has a strong management team offering a broad range of engineering solutions and strong customer relationships. The manufacturing industry is a key growth sector for the West Midlands area and the future job creation will have a positive impact on the local economy, further strengthening the future of the business.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5 million to help growing SMEs across the region.
FSE Group www.thefsegroup.com/fund/midlands-engine-investment-fund-debt-finance
AE Aerospace www.aeaerospace.com
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