Cash boost for Castle Donington Norton Motorcycles
A Castle Donington-based motorcycle manufacturer is set to double in size after securing a government-backed loan.
Under the Exports Enterprise Finance Guaranteed scheme (ExEFG), the bank Santander will lend Norton Motorcycles £625,000 to carry out expansion plans.
Norton intends to increase production to 1,000 motorcycles a year and double its workforce to 60 by 2012.
The loan scheme has been set up to help companies boost export sales.
Stuart Garner, chief executive of Norton Motorcycles, which is based at Donington Park, said: "The ExEFG scheme has enabled our business to grow to rapidly meet the demands of an ever-increasing international customer base.
"This scheme will not only benefit Norton and the local area, by supporting enterprising firms across the country, it will help drive forward the British economy."
Business Secretary Vince Cable said Norton was the first company to benefit from the new scheme.
"This iconic company, whose brand once inspired a generation of motorcycle enthusiasts, is a prime example of British business innovation.
"I hope that many more companies are inspired by what Norton is going to achieve through this funding."