A Stafford-based company which has won a contract to supply the Olympics has borrowed £50,000 from the Staffordshire Business Support Fund.
ScreenSafeUK, which provides drug, alcohol and DNA testing for employers, borrowed the cash from the fund, which is managed by the Black Country Reinvestment society, in order to refocus the business.
The firm has just taken on a major new contract with the London 2012 Olympic Games.
Matt Taylor, managing director and owner of ScreenSafeUK, said: “We work with all sizes of business, from SMEs to multinationals and have clients across the UK and Ireland.
“Our clients are in diverse sectors including manufacturing, construction, the fire service, police and education.
“We will also supply all of the testing equipment to the London 2012 Olympic Park and Athletes’ Village.”
He started ScreenSafe UK in 2003 with a business partner but when that partner decided to leave the business, Mr Taylor needed funding to replace the partner’s investment.
“I’d sold my house to fund the start up of the business eight years ago.
“I ran up credit card bills as I was self financed and I never borrowed from the bank or went into overdraft.
“When I decided to go it alone, I approached our bank, who I have a fantastic relationship with, but they wouldn’t lend finance to buy shares from a partner even if this secured the future of the business.”
Steve Grice, business development manager at BCRS, said, “The SBSF is a pioneering approach.
“It’s a great example of a cooperative financial instrument, not a bank.
“Unfortunately, customer relationship managers at high street banks have no discretion nowadays and no leeway or back history to take into account when making decisions.
“We have found a huge range of needs in Staffordshire from viable businesses needing finance that previously would have been serviced by their bank.”