Fibre optic solutions company Node Technologies secured a £100,000 loan from NPIF – BFS & MSIF Microfinance, a product managed by GC Business Finance and part of the Northern Powerhouse Investment Fund.
The Manchester-based firm provides an innovative solution for the provision of fibre optic broadband in multi-occupancy commercial buildings. By installing a secure ‘Node’ module into new or refitted premises, multiple internet service providers (ISPs) can connect fibre optic cables to their respective clients. Not only does Node allow tenants to negotiate individual terms with up to 24 ISPs, following a change in provider the module also immediately switches connection – eliminating the long waiting times that usually come with rewiring and installation of modems.
Node is fully operational in a number of flagship commercial office developments, including No 1 Spinningfields and Windmill Green in Manchester, and the system is being adopted by developers, landlords, and owners of large office buildings throughout the UK. So far, over 30 buildings worth a combined value of £1bn have signed up to use Node. One major reason behind the firm’s success is that its system enables landlords to market their buildings with a higher ’ wired score rating – key when digital connectivity is frequently seen as the third most important factor when searching for office space, only behind location and cost.
The £100,000 NPIF loan provided by GC Business Finance will help fund the firm’s growth capital requirements. With plans to ramp up sales across the country, Node Technologies had been looking for financial support following the successful launch of its flagship operation in Spinningfields. Columb O’Shea of GC Business Growth Hub’s Access 2 Finance service introduced the company to GC Business Finance.
Doug Ward Co-Founder at Node Technologies said: “Having demonstrated the usefulness of our product through the success of the Spinningfields and Windmill Green sites, it’s clear that there will be real desire for Node from landlords across the country. Our innovative solution to problems that many multi-occupancy buildings experience with internet connectivity and choice of provider make this technology a really exciting prospect that drastically improves efficiency and cost savings.
“Working with everyone at GC Business Finance and at NPIF has been fantastic. With the funding, we’ll be able to take Node Technologies to the next level and really step up the scale of operations. The £100,000 loan will not only enable us to expand our offerings but will also allow us to meet the current level of demand.”
Andy Nichols, Senior Loan Manager at GC Business Finance said: “Working with Node Technologies is an exciting prospect; the company has shown through limited initial release of its product that it is ready for expansion on a much larger scale, and we look forward to working with the firm to realise its potential. Internet connectivity and choice of ISP can be a major factor in productivity changes, and as such we see the sector and the new technology that Node has introduced as being vital to the economy of the country.”
Sue Barnard, Senior Manager at the British Business Bank said: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to launch new products, employ new staff, enter new markets and acquire new facilities. We constantly look for firms that will benefit the economy of not only the North, but the entire country, and Node Technologies has the potential to do just that.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The MSIF group of funds are managed by Alliance Fund Managers Limited which is regulated by the Financial Conduct Authority in the course of investment business. Financial Conduct Authority Registration Number is 180891.
BFS Funding Managers Limited is regulated by the Financial Conduct Authority as a Small Authorised UK AIFM under firm reference number 608682.