West-Sussex based Mecmesin has secured a fully funded loan of £1m via crowd funding financier Money & Co.
Mecmesin, an SME manufacturer of measurement systems and instrument will use its £1m crowd funded load to support growth.
The company had previously sough funding from traditional banks but found that its limited ability to offer securities made this difficult.
Robert Oakley, Chairman of Mecmesin, said that a crowd funding option was more flexible and involved “limited bureaucracy”.
Nicola Horlick, CEO and founder of Money & Co, which secured the finance for Mecmesin, said that she was delighted this first £1m loan from the company was for a manufacturer.
“The manufacturing sector is the historic backbone of our economy, so it’s great to see the sector recovering strongly post the recession,” she commented. “When we launched Money&Co., it was always clear that engineering and technology would be key sectors that would benefit from our services and I am delighted that we have been able to raise £1 million for Mecmesin.”
Money & Co was launched this spring to connect investors looking for a better rate of interest on their cash with businesses seeking finance.
Ms Horlick says she aims to see the financier “taking on the industry heavyweights” in the future.
“This first £1m pound loan shows that alternative finance is a force to be reckoned with. Businesses from all around the UK are looking for a better way to secure the funding they need to grow, and that they can find through person-to-business lending,” she summed up.