Leeds-based solar energy firm Solec Energy Solutions has recently made strategic investments in stock and personnel following a generous £50,000 loan from Business Enterprise Fund. This loan, acquired from the NPIF – BEF & FFE Microfinance, managed by BEF and FFE Microfinance and part of the Northern Powerhouse Investment Fund, will serve as working capital and foster staff development.
Established in Leeds in 2011 by husband and wife Robert and Gaye Wilmot, Solec Energy Solutions specializes in the design, supply, and installation of renewable energy systems for residential and commercial properties. The loan has enabled the company to establish a strong stock base, facilitating prompt installation of customer orders without prolonged waiting periods. This crucial development is attributed to the acquisition of new offices, which include a small warehouse space. As a small, family-run business, Solec Energy Solutions prides itself on its agility in meeting customer requirements, and securing ample stock is essential in achieving this.
In addition to supporting stock procurement, the loan has also contributed to job creation and preservation within the company. Robert Wilmot, with his background as an apprentice electrician, holds a deep commitment to creating employment opportunities in the industry. With the assistance of the BEF loan, Solec Energy Solutions has been able to hire a new apprentice, strengthening their team. Currently comprising a total of five members, along with a dependable group of sub-contractors, the company is well-prepared in terms of both staff and stock to guide customers on their renewable energy journeys.
The support provided by BEF has been invaluable, surpassing mere impersonal financial assistance. Solec Energy Solutions was unable to secure a traditional bank loan due to perceived risks associated with the renewable energy sector and varying profit margins. However, thanks to the belief and confidence shown by BEF, the company is now able to expand its collaborations with property developers, eco self-builders, community projects, and businesses.
Mark Iley, investment manager at BEF, acknowledges Robert and Gaye’s strong vision for Solec Energy Solutions and their commitment to initiating positive changes in the ESG domain, which BEF is proud to support. Furthermore, this family-run business is actively generating job opportunities and contributing to the training of local talent in an industry of increasing significance. BEF eagerly anticipates witnessing Solec Energy Solutions flourish and advance further.
Debbie Sorby, Senior Investment Manager at British Business Bank, commends Solec Energy Solutions for its exemplary entrepreneurial innovation in the renewable energy sector. The company’s efforts in reducing carbon emissions and promoting sustainable energy solutions align seamlessly with the growing demand for eco-conscious products and services. The NPIF investment not only caters to their working capital and staff development needs but also empowers them to adapt to evolving market dynamics, thereby contributing to a more sustainable future.
Beyond addressing the demand for renewable energy solutions, this loan has played a pivotal role in job creation and retention within the Yorkshire region. By enabling the company to invest in stock and maintain a readily available supply of products, the loan has enhanced the customer experience and generated valuable employment opportunities, underscoring its significant contribution to the local economy.
Solec Energy Solutions’ growth story serves as a testament to the potential impact of targeted financial support in fostering sustainable businesses and driving economic development in the Northern Powerhouse region.