With thanks to a £49,000 investment Ljutzkanov Limited has secured funding and can now invest in human capital and company resources to continue it's growth. There will be new jobs created following RLS investment for Software Company in Loughborough.
Ljutzkanov Limited has secured funding from First Enterprise – Enterprise Loans through the Midlands Engine Investment Fund (MEIF), backed by the Recovery Loan Scheme (RLS). The funding package will be used to retain 3 jobs and create 6 new ones as well to purchase necessary equipment and for working capital.
The business, Ljutzkanov Limited, offers unique software solutions, consultancy and additional services to SME and Sport Organisations. Their Enterprise Resource Planning (ERP) software is an “All in one” online business planning and administration solution made for SMEs, but with particular use for Sports based organisations.
Kevin Harris, chair of the Leicester and Leicestershire Enterprise Partnership board of directors, added:
“This investment will create jobs in a sector that is a priority in our Economic Growth Strategy. We have strong capabilities in the sports science and technology sector and developing a cluster in Loughborough is a major objective. This investment is fantastic news and will help us to achieve our ambition for Loughborough to be the best location for businesses involved in sports science and technology.”
You can view the latest Economic Growth Strategy here The sports industry was badly hit, during the pandemic, causing banks to be less inclined to invest in projects that involve major commitment and expenditure. After focusing mainly on coaching and consulting prior to the pandemic Ljutzkanov Limited had to adapt to the environment and quickly shifted towards software development.
Stefan Ljutzkanov, Chief Technology Officer at Ljutzkanov Limited, said:
”Having launched our software packages during Covid, many clients postponed their orders, causing the company a delay in the ability to onboard new team members.
The RLS loan from First Enterprise allowed us to fast-forward the on-boarding of the new team members and bridge the funding gap whilst normal working patterns returned to the UK. Now that our order pipeline is very active, the team that joined us are helping to drive the business forward. The process was straightforward, and Stefan provided guidance and assistance as and when needed”
The company Infinite “Q” s Platform is made for psychological and physiological profiling and allows the Sport ERP system to provide a detailed digital dynamic, scientific-based assessment overview of the characteristics of athletes, executives, managers, and employees designed around their performance metrics. To ensure staff integrate a proper individualised work-life regime. Focusing on the balance of stress and recovery to reduce burnout ensures higher productivity and performance. Innovative digital solutions help organisations be less dependent on HR and automate large scale operations.
Their sport-science expertise, links to the sports management team at Loughborough University. The use of tech to drive the improvement in sports performance is an on-trend sector, and Loughborough University is a nationally respected and natural venue to facilitate leaders in this growing sector.
Stefan Nycz, Investment Manager at First Enterprise – Enterprise Loans, commented:
“This funding is another great example of how the Recovery Loan Scheme helps industries and businesses affected by the pandemic get back on the road to recovery and shift their focus towards growth. The funding has directly created more jobs and spurred on innovation and is just the outcome we hope for here at First Enterprise – Enterprise Loans.”
Lewis Stringer, Senior Manager, UK Network at the British Business Bank, said:
“A key objective of the MEIF is to help the region’s SMEs adapt, innovate and grow, despite the uncertainty resulting from the Covid-19 pandemic over the last two years. Ljutkanov is a great example of the type of business being supported by the fund and we would encourage other businesses in Leicester and Leicestershire, as well as across the Midlands, to consider the various funding options available through MEIF.”
For more information, please contact Shailah Squire on ssquire@first-enterprise.com or call 0115 942 3772.