Finance provider ETG looks to sustain growth after writing £7.75m of business

WARWICKSHIRE-based Engineering Technology Group has said its in-house finance provider, ETG Finance Solutions has written £7.75m of business since being launched last March.

Andrew Bullard, managing director of ETG Finance Solutions, said no one applying for funds had been turned away empty-handed.

“We offer a very broad portfolio of financial products so we can provide tailored solutions for almost any scenario. We have been able to help everyone that came to us – including start-ups and companies that could not access traditional sources of finance,” he said.

Bullard said currently, the majority of machines needed by SMEs were financed by hire purchase, as this allowed companies to cut their tax bill by writing off the cost of the machine against their profits, up to a maximum of £250,000. Other finance options include machine rental, traditional leasing options and operating leases that allow companies, often large OEMs, to keep the capital expenditure off their accounts.

ETG Finance Solutions said it did not just provide finance for machines, it also helped with cash flow. It said products such as business loans and invoice financing provided firms with the cash to make sure they could run their machines and businesses profitably.

To help it sustain growth, ETG Finance Solutions has appointed a new Regional Sales Manager. Luke Ward has five years’ experience in business finance with Hitachi, EFT Finance and County Asset Finance.

Bullard said: “We made this appointment because of the phenomenal growth of the business and our forecasts for new machine sales. It is a great time for Luke to be joining the Engineering Technology Group and he will help us enhance our national coverage.

“The group is looking forward to an even better 2014 in terms of machine sales and we hope to double the amount of finance we provide to £16m.”