Up to 20 jobs are set to be created by Oakham-based machinery and vehicle dealer, C&M Retail Group.

The major expansion follows the agreement of a funding deal to enable the development of a purpose-built industrial and business hub, as well as the launch of a new vehicle sales company.

The deal arranged by SME funding specialist One Stop Business Finance provides the green light for C&M's building phase at Hawksmead Business Park in Barleythorpe due to be completed in around six months.

The company acquired the prime site opposite the Rutland Showground earlier this year having outgrown its current town centre site, and it is now able to bring its plans to fruition alongside joint-developer Moores Estate Agents.

Best known as C&M Tractors, the company has been based on Station Approach in the heart of the town for 49 years.

This part of the business will now be able to expand to meet strong customer demand for its range of horticultural and agricultural machinery, with additional space and facilities planned to add capacity.

In addition, the Barleythorpe development will be the base for its new business, C&M VSS. This will be a vehicle sales and servicing business specialising in high quality cars and trucks between six months and five years old, which are not readily available locally at the moment.

Tim Allen and Saxon Marlow, Directors at C&M Tractors, said: "Creating a purpose-built hub that is designed to suit our requirements and allows us to grow has been a long-held ambition, so it is fantastic that we can now embark on a very exciting new era for our business.

"It's no secret that we have been struggling for space on our current site, but we wanted to stay in the town to support the local economy and provide more jobs.

"That's why we were delighted when the new site became available, and we are now looking forward to starting on-site after securing a finance deal that provides a flexible facility to drawdown as required for the build."

Rebecca Ennis, Business Development Manager at One Stop Business Finance added: "C&M Retail Group's new development is excellent news for Oakham, and we wish Tim, Saxon and their team every success.

"As building developments like this almost always require a more flexible approach to funding in line with the key stages of the project, the larger banks are often unable to help.

"It was, in fact, one of the major banks who introduced us to C&M, who have now been able to benefit from our understanding and experience of development finance and our ability to complete deals that many banks can't do."

One Stop Business Finance provides secured loans from its own funding and through its network of finance providers for SME clients who are able to offer security for their debts.

The company differs from mainstream banks by working to find tailored solutions for an SME's particular circumstances, taking clients through a process to identify the most suitable and cost effective options and ensuring that responsible lending is at the heart of what they do.