Shropshire electrical company secures £75,000 in MEIF investment
A Shropshire electrical company has secured £75,000 in investment to support business growth and create new jobs.
Shropshire Electrical Solutions Ltd, based in Shawbury, has received funding from the Midlands Engine Investment Fund (MEIF) to support its growth and expansion following a successful application managed by BCRS Business Loans.
Shropshire Electrical Solutions was founded in 2015 by directors Marc Hammond and John Maddison, who both have a vast array of experience in commercial, industrial, and domestic electrical installations.
The business, which currently employs six people, specialises in electrical and fire alarm systems in the commercial sector. The loan will be used to provide working capital to help fund projects and enable the business to acquire five new vans.
The funding will also enable the company to recruit up to four new staff members to help secure more contracts in the future.
Marc Hammond, Communications and Operations Director at Shropshire Electrical Solutions, said: “The MEIF investment secured through BCRS will play a key role in helping us to expand our business. Since John and I founded our company, we have worked hard to build up a solid reputation, which has led to continuous growth and a steady number of new contracts.
“As well as helping us to fund projects and acquire new vans, the investment will enable us to bring new talent on board as we generate business.
“We are committed to growing sustainably in the future, maintaining our personal touch with projects, looking after our people and supporting our local community.
“Working with BCRS to secure the loan was really easy. Meeting Business Development Manager Naomi Campion face-to-face was great. She took the time to understand our business thoroughly and provided all the support we needed with the application process.”
Naomi Campion, Business Development Manager at BCRS Business Loans, said: “At BCRS, we believe that all viable businesses should be supported, and so we are delighted to be able to provide the funding that Shropshire Electrical Solutions needs to secure further growth. Marc and John have built up an impressive business with a strong track record, which gives us great confidence in their future.
“We are committed to supporting small businesses like Shropshire Electrical Solutions in order to increase prosperity across the West Midlands region. As it is our mission to make a positive social and economic impact, we are also pleased that Marc and John will be creating additional jobs to support their growth.”
Mark Wilcockson, Senior Investment Manager at the British Business Bank, said: “MEIF invests in SMEs across the Midlands. The Small Business Loan fund helps to support business growth – including job creation, growth capital, funding expansion projects, leasing commercial premises and asset acquisitions.
“This investment in Shropshire Electrical Solutions highlights the positive impact the Fund’s investment can have on a company’s growth and the economic growth of the Midlands region through job creation.”
Rachel Laver, Chief Executive of the Marches Local Enterprise Partnership, which promotes MEIF funding through its business support service the Marches Growth Hub, said: “Access to funding was a key concern for businesses across the region.
“Both the LEP and Growth Hub have been working closely with the British Business Bank and MEIF to highlight the range of funding they offer, which can make all the difference to companies such as Shropshire Electrical Solutions.
“I would urge any business which wants to follow the example of Shropshire Electrical Solutions to contact the Growth Hub to learn about these programmes and the many other funding opportunities which might be available.”
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.
Business loans from £25,000 to £150,000 are available via the MEIF Small Business Loan Fund, which is delivered to businesses located in the West Midlands region by BCRS Business Loans.
