- Tipton manufacturer of power supply units secures £85,000 investment
- Funding boost will support the company’s cash flow during the period of interruption caused by the coronavirus pandemic
- Funding was secured from the Midlands Engine Investment Fund via delivery partner BCRS Business Loans and the Coronavirus Business Interruption Loan Scheme
A Tipton-based designer and manufacturer of power supply units and battery charging systems has secured a coronavirus funding boost from BCRS Business Loans.
PSU Designs, which has a large design and manufacturing facility in Tipton, secured an £85,000 investment from BCRS via the Midlands Engine Investment Fund (MEIF) in conjunction with the Coronavirus Business Interruption Loan Scheme (CBILS).
Although the company has a decent pre-existing order book, disruption caused by the Covid-19 outbreak has made fulfilment more difficult and as a result of this turnover is down.
PSU Designs will use the funding to support its cash flow until operations reach normal levels, safeguarding many of its jobs.
Nick Arkell, Managing Director at PSU Designs, said:
“Securing this funding boost using the CBILS scheme was an essential step in managing our cash flow during the current period of disruption caused by the coronavirus.
“We are fortunate to have a strong order pipeline confirmed with loyal blue chip companies across the world, so right now it is a case of managing overheads while our turnover is reduced until we reach a point where it is safe to return to work.
“As soon as operations return to normal, we intend to pick up growth plans of developing more orders with new and existing customers, which is bolstered by our reputation and a rare offering of custom design and manufacturing expertise to produce formally approved power supply products that meet worldwide and specific industry safety standards.”
PSU Designs uses analogue and digital microprocessor techniques to produce power supply units for industrial, medical, military and consumer electronic applications. PSU Designs’ battery charging and microprocessor control techniques have seen the company produce a range of latest amendment EN54 power supplies for the Fire Detection Industry.
Stephen Deakin, CEO at BCRS Business Loans, said:
“We are delighted to have supported PSU Designs at a time that is incredibly challenging for all businesses – no matter what size or sector you operate in. Not only is PSU Designs a strong, viable business but its design and manufacturing facility right here in the West Midlands is considered to be a centre of excellence – demonstrating the unrivalled skill of its workforce.
“Small businesses are the backbone of our economy, so it is essential that we do all we can at BCRS to provide SMEs with the funding they need to manage cash flow and safeguard jobs during this pandemic. We believe that no viable businesses in the West Midlands should go unsupported.”
Ryan Cartwright, Senior Manager at the British Business Bank, said:
“In these times, it is important that funds are deployed quickly and efficiently to support businesses. It’s great to see BCRS providing MEIF loans backed by CBILS, allowing businesses like PSU Designs to adapt to the current challenges and manage their cash flow. We would encourage any SME’s in the region looking for finance to consider funding options available through MEIF, which remains very much open for business.”
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS).
The Midlands Engine 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.
West Midlands based businesses can secure loans from £50,001 to £100,000 via CBILS from accredited lender BCRS Business Loans. Visit www.bcrs.org.uk to discover more.
