Electric quad bike maker Eco Charger has doubled its working capital facility from HSBC UK to £350,000 to help the firm import vehicle bike frames more efficiently.
Eco Charger’s loan comes as part of UK Export Finance’s General Export Facility (GEF), which provides partial guarantees to banks to help UK exporters to gain access to trade finance.
It follows on from HSBC UK’s six-figure investment into the Devon firm last year to help it ramp up production.
“Our business revenue is doubling year on year, so the funding will massively help us broaden our supply chain to meet the increasing global demand for our innovative bikes,” said Russell Crisp, executive chairman, Eco Charger.
Based in North Devon, the electric quad bike manufacturer was founded in 2011 by Fred Chugg and Wendy Chugg. It now ships its bikes to America, Europe and Australasia.
Minister for Exports Andrew Griffith said: “The General Export Facility was launched to provide financial support that is quick and simple to access for ambitious small businesses looking to grow their exporting capacity.”
David Butler, area director, business banking South West, HSBC UK, said: “We look forward to continuing our relationship during an exciting time for Eco Charger as the business recently opened its first office in South Carolina.”
Fellow electric vehicle maker Arrival announced that is on track to ship the first of its electric vans from its Bicester microfactory by the end of the year.
The government announced this week that it will be deploying a further £16.5m of funding into research and development in agriculture tech.
