By Max Clarke
Legendary motorbike maker Norton Motorcycles Ltd will boost production of its bespoke bikes after receiving a Government-backed trade loan.
The Business Secretary Vince Cable made the announcement during a visit today to the niche manufacturer based at Donington Park in Derbyshire.
The loan is the first of its kind and has been made under the Exports Enterprise Finance Guarantee Scheme (ExEFG).
It is one of four trade finance schemes promised as part of the Trade White Paper, a key part of the Plan for Growth. Under ExEFG, the high street bank Santander is lending £625,000 to Norton.
"Trade and investment are essential to driving our economy and encouraging small businesses to export more is at the heart of that,” said Business Secretary, Vince Cable.
The funding will support the company’s plans to increase production to 1,000 motorcycles a year. It will also benefit Norton’s supply chain, of which 80 per cent is British.
“This iconic company, whose brand once inspired a generation of motor cycle enthusiasts, is a prime example of British business innovation,” continued Cable.
"I hope that many more companies are inspired by what Norton is going to achieve through this funding.
"I would encourage all companies to take a closer look at the export financing now on offer that could support their business goals."
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