Electrical contractor secures funding for expansion
On Power Electrical & Mechanical has secured funding of more than £400,000 to support its expansion plans across the Midlands.
Based in Wolverhampton, On Power is a sub-contractor to the construction industry, working within the domestic, commercial, retail, leisure and industrial sectors nationwide.
The £414,000 facility from Nucleus Commercial Finance is a property-backed loan, structured over three years. This will enable On Power to achieve its growth ambitions, by providing the business with the access to the finance it needs to fund the new larger contracts it has recently won.
Tony Round, chief executive and director, On Power Electrical & Mechanical, said: “Working with Nucleus Commercial Finance has helped us get the funds we need in place to pursue our growth plans for the business, which wouldn’t have been possible via the high street banks. Through its unique approach to underwriting, Nucleus was able to look at the bigger picture and develop a solution to suit our business’ needs – a loan secured against residential property, which I previously thought not possible. Having this extra finance in place will enable us to take on larger projects.”
Eric DeArmitt, sales director, Nucleus Commercial Finance, said: “Although asset based lending is becoming increasingly popular, business owners are still largely unaware that they can secure a property-backed loan – whether that be residential or commercial. We’re extremely pleased to have agreed this facility, demonstrating our team’s capability to develop innovative finance solutions to support a business in delivering on its long term vision. We look forward to working closely with On Power and to continue supporting its growth ambitions in the future.”
