A Leicestershire startup which provides consultancy and software services to the sports industry and other businesses, is to create a number of jobs after securing funding.
Loughborough based Ljutzkanov received £49,000 from First Enterprise – Enterprise Loans through the Midlands Engine Investment Fund (MEIF), backed by the Recovery Loan Scheme (RLS).
It will be used to retain three jobs and create six new ones, as well to purchase necessary equipment and for working capital.
Stefan Ljutzkanov, chief technology officer at Ljutzkanov, said:
“Having launched our software packages during Covid, many clients postponed their orders, causing the company a delay in the ability to onboard new team members.
“The RLS loan from First Enterprise allowed us to fast-forward the on-boarding of the new team members and bridge the funding gap whilst normal working patterns returned to the UK.
“Now that our order pipeline is very active, the team that joined us are helping to drive the business forward. The process was straightforward, and Stefan provided guidance and assistance as and when needed.”
Stefan Nycz, investment manager at First Enterprise – Enterprise Loans, added:
“This funding is another great example of how the Recovery Loan Scheme helps industries and businesses affected by the pandemic get back on the road to recovery and shift their focus towards growth.
“The funding has directly created more jobs and spurred on innovation and is just the outcome we hope for here at First Enterprise – Enterprise Loans.”
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