LightwaveRF gets £1.1m working capital loan from Santander
LightwaveRF, a creator of smartphone app controllers for household devices, has secured a £1.1m working capital facility with Santander Corporate & Commercial.
LightwaveRF announced that all of its banking facilities will move over to the bank, and the new funding will be used to back growth in its UK and international distribution presence.
The Santander provision includes both discreet invoice financing and trade financing to support a forecasted increase in sales volume. The revolving facility should give LightwaveRF headroom for up to £6m of annual sales.
Louise Guise, Relationship Director at Santander, said:
"We have been impressed with both LightwaveRF's management team and also their product range and customer pipeline. We look forward to growing our partnership with the business in this exciting market sector."
Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.
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