Software company to create jobs after investment

A Loughborough-based software development company has landed a £49,000 investment.

Ljutzkanov has secured funding from First Enterprise – Enterprise Loans through the Midlands Engine Investment Fund (MEIF), backed by the Recovery Loan Scheme (RLS). The funding package will be used to create six jobs as well to buy equipment and for working capital.

Ljutzkanov is a software and consultancy firm for SMEs and sport organisations. The firm’s sport-science expertise links to the sports management team at Loughborough University.

Stefan Ljutzkanov, chief technology officer at Ljutzkanov, said: “Having launched our software packages during Covid, many clients postponed their orders, causing the company a delay in the ability to onboard new team members.

“The RLS loan from First Enterprise allowed us to fast-forward the on-boarding of the new team members and bridge the funding gap whilst normal working patterns returned to the UK. Now that our order pipeline is very active, the team that joined us are helping to drive the business forward. The process was straightforward, and Stefan provided guidance and assistance as and when needed.”

Stefan Nycz, investment manager at First Enterprise – Enterprise Loans, added: “This funding is another great example of how the Recovery Loan Scheme helps industries and businesses affected by the pandemic get back on the road to recovery and shift their focus towards growth. The funding has directly created more jobs and spurred on innovation and is just the outcome we hope for here at First Enterprise – Enterprise Loans.”