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 (Surface Transforms 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’.”