Funding will help Wildcard double turnover

May 6 2009 By The Journal

TYNESIDE business Wildcard Networks has secured funding through the Enterprise Finance Guarantee (EFG) scheme to help it expand with the help of Barclays Bank.

Wildcard Networks, based at Wingrove House, Ponteland Road, Newcastle, has been offering businesses the opportunity to co-locate server and critical IT equipment in data-centres in Manchester since 2007, and the new funding will allow the company to provide the same level of service in the North East.

The company decided to increase their capacity following the increase in business turnover and demand from customers.

Managing director Lee Johnston said: "I am absolutely delighted how quickly the business has taken off and I now employ six full time staff to help with the increased demand. The new funding will enable the company to double its turnover with the ability to store 2,800 servers on the premises."

Paul Duggan, Barclays local business manager in North Tyneside, said: "Enterprise Finance Guarantee covers a key gap in the market – companies that are viable, even strong, but could not get a loan because they do not have security or they lack credit history.

"Barclays has played a key part in shaping the scheme and working with Government to ensure it helps viable businesses weather the downturn."

The EFG was introduced in January 2009 to assist banks to lend to customers with a viable business proposition but some challenges in securing traditional finance.

It is partly guaranteed by the Government (75%), enabling banks to offer loans to businesses that would not ordinarily be eligible for bank funding due to a lack of sufficient bank approved security.