Sellectronics provides technology and electronic manufacturing services, including rapid prototyping and electronics design. The company is based in Falmouth but supplies its innovative ideas and products to customers across the UK and overseas.
Since it was established 10 years ago, Sellectronics has grown considerably and now employs a multi-skilled engineering team of 20 and has a turnover of £2 million.
Ignition has supported this growth for the past 8 years by providing financial solutions to suit the company’s specific requirements, including assisting with the process of acquiring substantial grants from the EU’s European Regional Development Fund.
Sellectronics Technical Director, Jason O-Connell, comments:
“Cornwall is a great place to start a business as there are lots of funding opportunities and EU grants available. Also, the technology and engineering industry here is thriving. However, applying for funding can be a complicated process, and from my experience, banks just don’t want to get involved.
“Ignition, however, has lots of experience in navigating these complex systems and will take the time to go that extra mile to find the very best solution for each business.”
Jason explains that when buying a new piece of equipment, eligible companies can obtain match-funding grants of up to 40% of the cost, but need to make the initial outlay themselves before the funds are awarded – a process that can take three months. Ignition can help by providing bridging loans for this period so that the process goes smoothly without impacting the business.
Ignition has helped to fund various manufacturing equipment for Sellectronics over the years, including most recently a new pick n place machine for SMD components, the JUKI RS1.
Jason O’Connell adds:
“Ignition is our default funding route now. We go straight to them with any funding requirements and trust them to provide the best solution. Over the years they have demonstrated a good understanding of our business and our requirements, and that is invaluable to us.”