A Liverpool-based firm making brake discs for supercars has taken a £1m loan from the Liverpool City Region Combined Authority.
Surface Transforms manufactures next-generation carbon ceramic brake discs for the automotive and aircraft industries, announced the finance package from the Flexible Growth Fund on Wednesday.
The firm said the loan was taken from the Merseyside Special Investment Fund and tied to capital expenditure, and will be drawn down between March 29 and September 29, carrying interest at 2% over the Bank of England's base rate.
David Bundred, chairman, said: "We would like to thank LCRCA and MSIF for their contribution to our investment and employment plans. In combination with the excellent support we are receiving from Knowsley Borough Council on other issues it is symptomatic of their collective wish to help.
"Liverpool City Region is, indeed 'Open for Business'."
The loan is repayable over five years. The firm said it has covenanted certain continuing employment levels as part of the agreement.
