BANGOR Fuels has become the second company to tap into Barclays’ recently launched £100 million loan fund created to support small businesses in the north.
And the domestic fuel supply firm, which owned by Co Down entrepreneur Damian Fusco, says it expects the comprehensive finance package to spark it towards "significant growth" over the next few years.
Last month Dunmurry ventilation systems maker Brookvent became the first local company to avail of the pot of fresh Barclays’ cash, securing a £1.5m loan.
No details of the terms of the Bangor Fuels loan were revealed.
Based at Balloo Way in the town, the firm delivers home heating oil, coal and gas bottles to a range of customers throughout the north. Its owner also controls a number of other businesses including Fusco Vehicle Sales and Maypole Gardens and Home Improvements.
Mr Fusco said: “Bangor Fuels has been trading for 15 years and has continually looked to diversify and grow the business.
"Barclays took time to understand our business and appreciated the need for a financial package that supported each of our divisions. They have provided a tailored and innovative funding solution capable of meeting our growth strategy requirements.”
Gavin Campbell, relationship director at Barclays in Northern Ireland, added: “SMEs are the driving force of our economy, and Bangor Fuels is a great example of the type of high growth business that we are eager to support. The management team’s experience and vision for the future is impressive."
Barclays, which has been supporting businesses in Northern Ireland for two decades, is making up to £100m fund available to businesses with a turnover of less than £25m.
