Six-figure boost to support Hampshire print firm’s COVID-19 recovery
A Hampshire-based print service provider has received a six-figure investment from Enterprise Loans East Midlands through the Community Investment Enterprise Facility (CIEF) utilising the Coronavirus Business Interruption Loan Scheme (CBILS).
Paradigm Global offers bespoke Managed Print Services to small, large and enterprise customers, providing state of the art equipment from full reproduction and large format devices to desktop and handheld scanners. It operates as a stockist by purchasing machines from electronics company Epson and leasing them out to clients.
The start-up was founded at the beginning of 2017 by Christopher and Zoe Lomas who, prior to the coronavirus outbreak, were preparing to expand their business. However, this had to be pushed back. The funding will allow the company to hire an extra full-time employee to help meet the expected increase in client demand as we enter a post-pandemic world.
CBILS is designed to support the continued provision of finance to SMEs during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to cashflow disruptions.
Christopher Lomas, director of Paradigm Global Limited, said: “After two very successful years in business we were looking forward to seeing what 2020 had in store for us. However, our plans to expand were forced to take a back seat as the enormity of the coronavirus pandemic became apparent at the start of the year.
“Over the summer we’ve kept in regular contact with our clients and are thrilled to say that a large proportion of our projects are due to resume soon. We also expect a surge in demand for our services in the coming months, which is why we’re looking to take on an extra member of staff.
“Enterprise Loans has been fantastic at supporting us through the loans process from start to finish as this is a situation we would not have been in if it weren’t for the pandemic. We’re incredibly grateful for all their advice and encouragement over the past few months.”
Matthew Wright, business advisor at Enterprise Loans, said: “Christopher and Zoe were working on some incredibly exciting and large projects in the lead up to lockdown, which unfortunately had to be put on hold. However, with many of these projects wanting to move forward as soon as they are able it goes to show how the demand is very much still there for them.
“The past four months have been a time of uncertainty for many SMEs across the country, so we’re thrilled to be able to support people like Christopher and Zoe as their business begins returning to normal. I wish them every success in the years to come.”